BRF S.A. upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Ricardo Alves upgraded BRF S.A. to Equal Weight from Underweight with a price target of R$10, down from R$13.50. After shares underperformed their index over the last twelve months, the firm thinks it is "time to take a breather" and that the risk-reward looks more balanced. The firm also contends that "big structural and cyclical challenges remain" for BRF, though there is a turnaround plan in place.