Adecoagro price target raised to $11.50 from $10 at JPMorgan

JPMorgan raised the firm’s price target on Adecoagro to $11.50 from $10 and keeps a Neutral rating on the shares. The analyst sees a constructive sector outlook with sugar prices higher for longer, ethanol prices with limited downside and strong operating figures leading to bigger crushing numbers and better fixed cost dilution. On the other hand, the recommends investors to be selective as part of these trends seem priced into shares. The price target increases on a rollover to 2024 estimates.