BRF S.A. upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded BRF S.A. to Overweight from Equal Weight with a price target of $4, up from $2.50. While BRF’s sales were just below estimates in Q4, profitability surprised to the upside and management remains confident in an improving consumer environment, pricing, and cost savings, the analyst tells investors in a research note. The firm cites the company’s meaningful decreases in leverage and increases in free cash flow for the upgrade.