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Morgan Stanley downgrades Adecoagro to Underweight on drought losses
The Fly

Morgan Stanley downgrades Adecoagro to Underweight on drought losses

Morgan Stanley analyst Javier Martinez De Olcoz downgraded Adecoagro to Underweight from Equal Weight with a price target of $9, down from $10. The company’s "drought-driven losses" will likely be only partially offset by better prices, the analyst tells investors in a research note. The firm believes the recent rains in Argentina are unlikely to resolve drought conditions and prefers shares of Brazil-focused SLC Agricola in the sector.

Published first on TheFly

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