UPDATE: Morgan Stanley Reiterates On Adecoagro SA On Model Update

In a report published Wednesday, Morgan Stanley analyst Javier Martinez de Olcoz Cerdan reiterated an Overweight rating on

, but lowered the price target from $13.30 to $12.90. In the report, Morgan Stanley noted, “AGRO has re-rated since its lows of July 2013, but it has lagged peers, implying that the market continues to apply a high 66% discount to Argentina land in a SOP valuation. Using our DCF methodology, we get to US$12.9 PT (vs. US$13.3 previously), which implies a re-rating from a 30% discount to a 5% discount vs. NAV 2015e.” Adecoagro SA closed on Tuesday at $9.45.