BMO Capital analyst Joel Tiss upgraded Agco to Outperform from Market Perform with a price target of $100, up from $80. The combination of "pent-up demand" across many of the company's segments and "substantial internal potential" makes the longer-term case for outsized returns for Agco shares "very attractive," Tiss tells investors in a research note. After spending time with management, the analyst believes the company is building strategy concentrated on driving longer-term operating margins toward 10% on about $9B-$10B worth of sales. Agco has right-sized its distribution channels, reduced manufacturing costs, and enhanced product quality, says the analyst.