Adecoagro initiated with a Neutral at UBS

UBS initiated coverage of Adecoagro with a Neutral rating and $12 price target The firm sees some operational momentum as the company raises its sugarcane production to top the 14M tons capacity, but believes this is relatively well priced in by the market. Adecoagro is trading at its historical average and an already appropriate free cash flow yield level versus peers, the analyst tells investors in a research note.