** Farm equipment maker AGCO Corp's AGCO.N shares fall 2.3% to $104.46 premarket after J.P.Morgan cuts PT to $123 from $127

** New PT at an upside of 15% to AGCO's last close of $106.86

** Brokerage says 2026 is expected to be a tough year for agri equipment makers in North America

** Pricing will likely grow only in low-single digits annually - JPM

** Expects recovery after 2026 but margins won't bounce back strongly

** Still, brokerage prefers AGCO over peer CNH Industrial CNH.N due to its European exposure and partnership with Trimble for precision agriculture technology

** Four of 15 brokerages rate the stock "buy" or higher, 10 "hold" and 1 "sell"; their median PT is $117 - data compiled by LSEG

** As of last close, stock up 14.3% YTD

(Reporting by Utkarsh Tushar Hathi)

((utkarshtushar.hathi@thomsonreuters.com))