Citi upgraded BRF S.A. (BRFS) to Buy from Neutral with a price target of R$32, up from R$28.50. The recent pullback in the shares creates an attractive entry point, the analyst tells investors in a research note. Citi views BRF as a “tactical play” to benefit from the favorable poultry cycle and positive seasonal dynamics in Q4. The firm expects grain prices to remain at current levels for 2025.
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