Barclays analyst Benjamin Theurer upgraded BRF S.A. to Equal Weight from Underweight with a $2.50 price target. The analyst says says protein companies face a difficult outlook. The "worst is yet to come" for most of the sector, though not until 2024 or 20225, amid increasingly price-conscious consumers and rising beef prices, Theurer tells investors in a research note. He upgraded BRF due to valuation.
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