Adecoagro upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Lucas Ferreira upgraded Adecoagro to Neutral from Underweight with a price target of $11.50, up from $10.50. The firm thinks sugar and ethanol prices have limited downside risk from this point, while the weaker real, a good perspective for Argentine crops and a “reasonable” valuation make it more constructive about the investment case. Despite the improving sentiment for both commodities, Adecoagro’s lack of more near-term catalysts keeps the analyst on the sideline.