Adecoagro upgraded at J.P. Morgan but disconnect on prices keeps bank sidelined [Seeking Alpha]
Adecoagro S.A. Common Shares (AGRO)
Last adecoagro s.a. common shares earnings: 5/21 04:13 pm
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Source: Seeking Alpha
Morgan upgraded agro-industrial Adecoagro ( NYSE: AGRO ) to Neutral from Underweight but is remaining on the sidelines given the lack of triggers for higher sugar prices. J.P. Morgan's LatAm Food & Beverages and Agribusiness team led by Lucas Ferriera see supply and production issues in the sugar market that should warrant higher prices. But there seems to be a “disconnect” between fundamentals and prices given forecasts for a global deficit ahead tied to drought conditions in Brazil. Sugar prices could increase following the slump of the second half of this year, but non-commercial investors continue to hold a historically low net short position in sugar futures, reflecting more technical bearish sentiment on prices, Ferriera notes. “Despite the bullish longer-term outlook, it is likely that sugar prices will take their time to recover the ground they lost, given the lack of more near-term triggers,” Ferriera says. As for ethanol, while current prices face challenges from overs
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AGRO
News
- Adecoagro S.A. (NYSE: AGRO) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Adecoagro S.A. (NYSE: AGRO) was upgraded by analysts at JPMorgan Chase & Co. from an "underweight" rating to a "neutral" rating. They now have a $11.50 price target on the stock, up previously from $10.50.MarketBeat
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AGRO
Sec Filings
- 5/23/24 - Form 144
- 5/16/24 - Form 6-K
- 5/3/24 - Form 6-K
- AGRO's page on the SEC website