UBS analyst Matheus Enfeldt upgraded Adecoagro (AGRO) to Buy from Neutral with a price target of $16.20, up from $8. The firm says the company’s Profertil acquisition and higher sugar, ethanol and urea prices are not reflected in the shares. While the stock is up 80% year-to-date following the 79% increase in urea prices due to Middle East supply disruptions, the market still underestimates Adecoagro’s EBITDA and cash flow upside from its fertilizers unit, the analyst tells investors in a research note.
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