Jefferies upgrades Irsa to Buy on improving Argentina economy

Jefferies upgraded Irsa Inversiones to Buy from Hold with a price target of $13, up from $10.50. The analyst sees the outlook for the Argentina real estate player improving in the near term as Costa Urbana project approaches development launch. In addition, Argentina’s economic activity is showing “green shoots” which should gradually improve Irsa’s shopping mall revenue, the analyst tells investors in a research note.