Adecoagro downgraded to Neutral from Buy at BofA

BofA downgraded Adecoagro (AGRO) to Neutral from Buy with a price target of $12, down from $15.50. The firm says that despite “resilient” sugar and ethanol prices, it sees limited share upside potential from current levels for Adecoagro. It estimates “flattish” EBITDA in 2025 given lower than expected yields and higher costs. BofA cites Adecoagro “uninspiring” earnings momentum and valuation for the downgrade.