Adecoagro upgraded to Neutral from Underperform at BofA

BofA upgraded Adecoagro to Neutral from Underperform with a price target of $12.50, up from $9.00. The company is the most exposed player and should benefit from rising sugar prices, which is “only 10% hedged” for the 2024-2025 season, the analyst tells investors in a research note. The firm adds however that with the stock having rallied 30% in three months, the better earnings momentum for Adecoagro is likely priced in.