UPDATE: J.P. Morgan Upgrades BRF Brasil Foods to Neutral, Raises PT Ahead of 1Q13 Earnings

In a report published Monday, J.P. Morgan analyst Alan Alanis upgraded the rating on BRF Brasil Foods

from Underweight to Neutral, and raised the price target from $21.00 to $23.00. In the report, Alanis noted, “This may be a good time for investors with a 6-12 month time horizon to take a deeper look at the Brazilian meat sector as valuations are starting to look more attractive...We are also upgrading BRF to Neutral as they seem to be taking pricing to recover margins...For the sector as a whole, we include in this 30-pg note the correlations between companies' actual results and industry data and then use these to forecast 1Q13 as a preview.” BRF Brasil Foods closed on Friday at $22.18.