JBS initiated with an Overweight at Barclays

Barclays analyst Benjamin Theurer initiated coverage of JBS (JBS) with an Overweight rating and $22 price target as the firm introduced a new U.S. dollar based model to fit the company’s new reporting structure after JBS listed shares on the NYSE and issued Brazilian Deposit Receipts to trade on the Brazilian exchange. The firm’s operating assumptions remain unchanged given that the company’s day-to-day operations as a global protein player have not changed under this shift in listing, though the analyst adds that additional upside in a larger investor pool and index inclusion could help the company close the valuation gap compared to U.S. peers.