Adecoagro price target raised to $12 from $11.50 at JPMorgan

JPMorgan raised the firm’s price target on Adecoagro to $12 from $11.50 and keeps a Neutral rating on the shares. Despite the firm’s bullish stance on sugar, it believe short-term consensus estimates “may be a bit stretched” for Adecoagro. The analyst sees “some relevant tailwinds,” namely higher sugar prices for longer and recovering ethanol prices, but remains on the sidelines for now, mostly given the tighter margin of safety in terms of valuation and the firm’s more bearish stance on grains prices in 2025.