(MENAFN – The Rio Times) BB Investimentos has analyzed agribusiness stock performance for September and early October. JBS (JBSS3) and Boa Safra (SOJA3) had notable gains of 5.4% and 4.5%. The bank recommends buying both stocks.
BB Investimentos sets target prices of R$47 ($9.40) for JBS and R$20.80 ($4.16) for Boa Safra, indicating potential increases of 35.7% and 71.9%, respectively. Ourofino (OFSA3) saw a modest gain of 1.4%.
Investors are benefiting from gains in meatpacking stocks and rising cattle prices, boosting the sector’s outlook despite some challenges.
Conversely, Minerva (BEEF3) faced the largest decline of 12.5% in early October, while SLC Agrícola (SLCE3) dropped 4.8% after a better September. Both companies remain on BB Investimentos’ buy list, along with JBS and Boa Safra, as well as Marfrig (MRFG3), M. Dias Branco (MDIA3), and Ambev (ABEV3). Most of these stocks show upward potential exceeding 40%.
The analysis noted broader trends in agribusiness for September, with soybean and corn export prices declining. Soybean exports decreased by 4.5% to 6.1 million tons, while corn exports fell 26% to 6.4 million tons.
In contrast, beef exports rose by 30% to 252 million tons, with a 2.5% increase in shipments to China, now 54% of total exports. Cattle prices increased by 15%. Chicken exports also surged by 58% year-over-year to 452 million tons. This reflects Brazil’s agribusiness resilience in a tough global market.
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