JBS price target lowered to $19 from $20 at BMO Capital

BMO Capital analyst Andrew Strelzik lowered the firm’s price target on JBS (JBS) to $19 from $20 and keeps an Outperform rating on the shares after its Q2 results. GAAP EBITDA of $1.37B fell short of the firm’s $1.47B estimate as BMO has underestimated the accounting conversion impact in Seara, with results also having included the $250M mark-to-market headwind, implying underlying fundamentals tracked ahead of expectations, the analyst tells investors in a research note.