BofA lowered the firm’s price target on Adecoagro to $14.50 from $15.50 and keeps a Buy rating on the shares. The firm lowered estimates for Adecoagro to reflect crop yields in Argentina slightly below expectations, but still up year-over-year, and lower grain prices, the analyst tells investors. Despite the 35% rally year-to-date, the firm sees additional 10% upside to ethanol prices until the end of 2024/25, the analyst added.
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Read More on AGRO:
- Adjusted EBITDA increased to $140.0 million in 2Q24. Strong crushing pace and volume recovery in Farming. Shareholder distribution YTD above policy minimum.
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- ADECOAGRO S.A. COMMENCES CASH TENDER OFFER FOR UP TO US$100.0 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.00% SENIOR NOTES DUE 2027
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