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Apache, AGCO are Deeply Undervalued Says Third Ave Value Manager


Apache shares will move higher as the company continues to sell foreign properties to fund its North American exploration and production, said Robert 'Chip' Rewey, portfolio manager for the Third Avenue Value Fund. Rewey is also bullish on AGCO's stock despite its selloff following a disappointing second quarter earnings report, saying the farm equipment manufacturer will benefit from increased demand for proteins in developing countries in the future. Finally, Rewey is positive on Weyerhaeuser, saying the wood products company trades at a deep discount and is cashing in on its sales of high-value logs to China.