Morgan Stanley Sees Good End to FY2013 for Adecoagro SA

In a report published Friday, Morgan Stanley analyst Javier Martinez de Olcoz Cerdan reiterated an Overweight rating and $13.30 price target on

. In the report, Morgan Stanley noted, “Adj. EBITDA of US$ 66 mn was in line with ours/consensus estimate. Net income was negatively affected by non-cash adjustments in biological assets and FX. Good end of FY2013 with margin expansion in the farming and S/E segments. Trading at 46% 2014e NAV discount; Overweight.” Adecoagro SA closed on Thursday at $7.94.