JBS initiated with an Outperform at BMO Capital

BMO Capital initiated coverage of JBS (JBS) with an Outperform rating and $20 price target following the recent U.S. listing. The firm believes the company’s “diversified model” across proteins and geographies, organic and inorganic growth opportunities, and “disciplined” capital allocation are underappreciated at its current “discounted multiple.” Management at the investor day discussed the strengths of the model, long-term growth strategy, and capital allocation framework, the analyst tells investors in a research note.