JBS initiated with a Buy at BofA

BofA analyst Isabella Simonato initiated coverage of JBS (JBS) with a Buy rating and $21 price target JBS, the world’s largest processor of proteins, moved its primary listing to the U.S. on June 13, notes the analyst, whose positive view is driven by product/geographic diversification that has reduced earnings volatility; strong demand for proteins, mainly in U.S.; steady growth via M&A with additional firepower of $10B; and an attractive valuation.