Adecoagro downgraded to Underperform at BofA after Tether tender concluded

BofA downgraded Adecoagro (AGRO) to Underperform from Neutral with a price target of $10.80, down from $12, after the company announced the result of Tether Investments’ tender offer, which had been agreed to on March 27. Tether will acquire 49.6M shares for $12.41 per share, reaching a 70% stake at Adecoagro, the firm noted. The firm’s lowered target reflects the risk of lower liquidity of the shares with a float now of 30% and uncertainty regarding the long-term strategy of Tether Investments as the controlling shareholder of the company, the analyst tells investors.