UBS Initiates Coverage on Adecoagro: A Neutral Stance with Significant Upside Potential

Price Forecast Indicates 40.92% Growth Opportunity

On October 14, 2024, UBS began coverage of Adecoagro (LSE:0DWL) with a Neutral rating. Based on the analysis from September 25, 2024, the average one-year price target stands at 13.70 GBX per share. Projections vary, with estimates ranging from a low of 10.61 GBX to a high of 17.87 GBX. This average price target suggests a potential increase of 40.92% from the most recent closing price of 9.72 GBX per share.

Projected Revenue Growth Looks Promising

Adecoagro’s projected annual revenue is 1,442 million, marking a 9.00% increase. The expected annual non-GAAP EPS is 0.93.

Insights into Fund Sentiment

Currently, 156 funds and institutions have reported positions in Adecoagro, reflecting a slight increase of 1 owner (0.65%) over the last quarter. The average allocation of all funds to 0DWL is now 0.23%, which is a rise of 13.86%. Institutional ownership has grown by 1.79% over the past three months, totaling 53,839,000 shares.

Activity Among Other Shareholders

Route One Investment Company remains the largest shareholder, holding 10,076,000 shares or 9.83% of the company. However, this marks a decrease from their previous holding of 11,613,000 shares, a decline of 15.25%, accompanied by a 27.19% reduction in their portfolio allocation to 0DWL over the last quarter.

Jennison Associates has increased its shareholding to 6,254,000 shares (6.10%), up from 5,933,000 shares, signifying a 5.14% rise, although their portfolio allocation to 0DWL has fallen by 52.54% recently.

Additionally, PGGM Investments holds 4,500,000 shares, unchanged from the last quarter. PGIM Jennison Small Company Fund increased its share count to 3,326,000 (3.25%) from 3,212,000, a gain of 3.43%, while reducing their allocation by 4.80%. Herr Investment Group’s holdings rose from 2,033,000 to 2,650,000 shares (2.59%)—an increase of 23.26%, despite a significant 70.68% decrease in their portfolio allocation.

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