Goldman Sachs analyst Jerry Revich downgraded Agco to Neutral from Buy with a price target of $70, down from $80. The analyst sees better upside to other stocks within his Americas Machinery & Diversified Industrials coverage. He remains positive on a recovery in agriculture equipment demand in the second half of 2020 and Agco's margin execution in Europe and North America. However, in South America, Agco has rolled out a tier three product at a pricing point that has proven to be uneconomic, driving operating losses and share loss over the past two years, Revich tells investors in a research note.