JBS Upgraded to Strong-Buy as Analysts Adjust Ratings and Targets

JBS, a leading global meat processing company, has received an upgrade from analysts at Zacks Research, moving from a “hold” rating to a “strong-buy” rating. This change was announced in a report released on Monday, October 28, 2023. The upgrade reflects growing confidence among analysts regarding the company’s future performance.

Several other financial institutions have also recently reassessed their positions on JBS. Mizuho set a price target of $20.00 for the company’s shares in a note published on the same day. In contrast, JPMorgan Chase & Co. reduced its price target from $21.00 to $20.00 while maintaining an “overweight” rating in a report issued on October 14, 2023. Additionally, the Goldman Sachs Group has set a target of $18.50 for JBS shares in a report released on November 26, 2023. Santander also recently upgraded JBS from a “neutral” rating to “outperform” on December 11, 2023.

A total of six analysts have weighed in on JBS, with one rating it as a strong buy, four as a buy, and one maintaining a hold rating. According to data from MarketBeat, JBS currently holds an average rating of “buy” with a consensus target price of $19.38.

Hedge Fund Activity and Institutional Investments

Recent activity among institutional investors has also influenced JBS’s stock performance. Capital Research Global Investors increased its stake by 0.6% during the third quarter, now holding 145,352 shares valued at approximately $2.2 million after acquiring an additional 839 shares. Similarly, Sequoia Financial Advisors LLC raised its holdings by 8.9%, bringing its total to 12,095 shares worth $181,000.

US Bancorp DE also boosted its position by 10.0%, now owning 13,497 shares valued at $202,000. Newcomer EverSource Wealth Advisors LLC has recently acquired a stake in JBS, valued at around $29,000. Notably, Jones Financial Companies Lllp made a significant move by increasing its stake by 489.1%, now holding 2,657 shares worth approximately $39,000.

Company Overview and Market Position

JBS S.A., headquartered in São Paulo, Brazil, is a prominent player in the global meat production and processing industry, focusing primarily on beef, pork, and poultry. The company operates a vast network of facilities and partnerships across the Americas, Europe, and the Asia-Pacific region. JBS provides a range of fresh, frozen, and value-added protein solutions tailored for retail, foodservice, and industrial customers.

Founded in 1953 by José Batista Sobrinho in Anápolis, Goiás, JBS began as a modest slaughterhouse. The company has since expanded significantly through strategic acquisitions and organic growth, establishing itself as a leader in the meat processing sector.

As JBS continues to navigate the complex landscape of global meat production, the recent upgrade by Zacks Research and the positive adjustments from various financial institutions reflect a growing optimism about the company’s direction and potential for growth.