Cresud price target raised to $13 from $10.50 at Jefferies

Jefferies analyst Pedro Baptista raised the firm’s price target on Cresud to $13 from $10.50 and keeps a Buy rating on the shares. The company has undertaken a material deleveraging strategy which has led to improved cash returns to shareholders, the analyst tells investors in a research note. The firm sees the outlook for Argentina’s real estate players improving near term. Argentina’s economic activity “shows green shoots” and Cresud should benefit from a potential easing of agricultural export taxes, contends Jefferies.