Morgan Stanley analyst Julia Rizzo downgraded Adecoagro to Equal Weight from Overweight with a price target of $12.50, down from $14.50. The firm sees a global sugar surplus and rising inventories despite tighter Brazil supply and more ethanol in India. Latin America sugar and ethanol stocks are unlikely to outperform with sugar prices at these prices, the analyst tells investors in a research note. It downgraded Adecoagro with sugar prices remaining under pressure.
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