BRF S.A. just downgraded at JPMorgan, here’s why

JPMorgan downgraded BRF S.A. to Neutral from Overweight with an unchanged price target of R$15. After the 78% rally year-to-date, the stock’s leading valuations are approaching the firm’s target levels, which are based on above-consensus estimates, the analyst tells investors in a research note. The firm says BRF;s turnaround is happening at a solid pace. However, wants to wait for better entry point or greater chicken margin visibility ahead.