JBS initiated with a Buy at UBS

UBS analyst Matheus Enfeldt last night initiated coverage of JBS (JBS) with a Buy rating and $19.50 price target which implies 23% upside. The firm expects the stock to re-rate following the U.S. listing and joins indices in the country, a process which it says typically lasts for two years. In addition, returns from JBS’s $1B annual expansion capex remain unpriced by the market, the analyst tells investors in a research note.