Adecoagro Shares Spike After Morgan Stanley Upgrade
Benzinga
Oct. 18, 2021, 10:45 AM
- Morgan Stanley analyst Javier Martinez de Olcoz Cerdan upgraded Adecoagro SA (NYSE:AGRO) to Overweight from Equal Weight with a price target of $12, up from $9, suggesting a 20% upside.
- Given weather impacts on Brazilian supply, higher incentives for ethanol production and cane and beets losing acreage to more profitable crops, the analyst is "more bullish on sugar."
- Javier expects prices to continue to rally.
- Price Action: AGRO shares are trading higher by 11.8% at $9.965 on the last check Monday.
