Canaccord downgraded Bioceres (BIOX) to Hold from Buy with a price target of $2.50, down from $6.50. The company’s sales and adjusted EBITDA loss in fiscal Q4 were lower than expected due to macro challenges being faced by agriculture customers in in its core market of Argentina, the analyst tells investors in a research note. The firm cites the challenging market in Argentina and the overhang of Bioceres’ parent company reducing its position for the downgrade.
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