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Morgan Stanley (NYSE:MS) maintained its Overweight rating on JBS SA (NYSE:JBS) while slightly lowering its price target to $21.00 from $21.10. The adjustment comes as the firm transitions coverage to JBS shares now listed on the New York Stock Exchange. The stock currently trades at $14.30, with InvestingPro analysis indicating the company is undervalued based on its Fair Value estimates.
JBS began trading on the NYSE on June 13, following the completion of its dual-listing in the United States. The company’s Brazilian Depositary Receipts, which reflect the NY-listed stock, started trading on Brazil’s B3 exchange on June 9 under the ticker JBSS32.SA.
Morgan Stanley’s price target adjustment incorporates the new number of shares in its model and translates its previously Brazilian real-based price target into U.S. dollars. The firm noted it has not adjusted any operational or valuation assumptions at this time.
The new $21 price target implies approximately 50% upside potential, which Morgan Stanley indicates supports its bullish stance on the stock. The firm has designated JBS as its "Top Pick" in Latin American Food & Beverage.
Morgan Stanley views the recent weakness in JBS shares, which it attributes to trading flow dynamics, as an opportunity for investors to engage with the stock, despite acknowledging the stock has performed well over the past 12-18 months.
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