Adecoagro Shares Spike After Morgan Stanley Upgrade

by Shivani Kumaresan, Benzinga Staff Writer

October 18, 2021 10:45 AM | 25 seconds read | Make a Comment

Morgan Stanley analyst Javier Martinez de Olcoz Cerdan upgraded Adecoagro SA 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.