JBS S.A. initiated with a Buy at Truist

Truist initiated coverage of JBS S.A. with a Buy rating and $14 price target. The firm’s thesis regarding what it calls “one of the largest food companies in the world in terms of revenue” is based on JBS “riding the global protein wave,” commodity market normalization post-pandemic, and carrying out their proven strategy of accretive M&A and sustainable organic growth. The firm sees a likely U.S.-exchange listing in the first half of 2024 unlocking a higher equity valuation, the analyst tells investors.