Morgan Stanley analyst Javier Martinez De Olcoz upgraded Adecoagro to Equal Weight from Underweight with a price target of $13, up from $9. The analyst expects the sugar price to stay elevated, supported by declining inventories. Adecoagro’s “compelling” valuation and the company’s exposure to an improving outlook in Argentina should drive share price outperformance versus Sao Martinho in the next 12 months, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
