AGCO (NYSE:AGCO) Only Farm Machinery Play Says Jefferies

Jefferies is bullish on AGCO Corporation (NYSE:AGCO) and say they're the only play within the farm machinery sector.

They base their assertion on the fastest-growing agricultural region in the world: Latin America.

Jefferies raised their full year 2010 EPS estimate on AGCO from $2.20 to $2.22 while lowering their full year 2011 EPS revenue estimate from $7.64 billion to $7.58 billion.

They maintain their "Buy" rating on AGCO, which is trading at $47.36, down $0.48, or 1.00 percent as of 12:31 PM EST. The price target on them was raised by Jefferies from $53 to $58.