Adecoagro upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Adecoagro (AGRO) to Equal Weight from Underweight with a price target of $13, up from $9.50. The company’s operational challenges in Q4 are likely a non-event given Adecoagro’s continuous harvest system, the analyst tells investors in a research note. The firm believes investor focus should remain on the “transformational impact” of the Profertil acquisition and current urea pricing dynamics on the company’s 2026 free cash flow generation. Morgan Stanley believes Profertil introduces “significant” operating leverage for Adecoagro, which should continue to drive the share price performance.