BRF S.A. initiated with a Neutral at Citi

Citi initiated coverage of BRF S.A. with a Neutral rating and R$16.50 price target. The analyst initiated coverage of the Brazil food manufacturers with JBS as the top pick. JBS is the most diversified player in the sector, with near-ter m earnings momentum on margin improvement, the analyst tells investors in a research note. The firm’s order of preference is: JBS, Minerva, Marfrig and BRF.