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Adecoagro Shares Spike After Morgan Stanley Upgrade

October 18, 2021 10:45 am
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Adecoagro Shares Spike After Morgan Stanley Upgrade
  • 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.

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