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Santander Upgrades JBS and MBRF to "Buy," Downgrades Minerva to "Neutral" – Key Insights for 2025
Santander Upgrades JBS and MBRF to "Buy," Downgrades Minerva to "Neutral" – Key Insights for 2025
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Santander's latest equity research report has shaken up the Brazilian meatpacking sector, upgrading JBS and MBRF to "Buy" while downgrading Minerva to "Neutral." This MOVE reflects shifting market dynamics, including commodity price trends and export demand. Below, we break down the rationale behind these changes, analyze each company’s prospects, and explore what this means for investors in 2025. --- ### Why Did Santander Upgrade JBS and MBRF? Santander’s bullish stance on JBS and MBRF stems from their strong export performance and cost efficiencies. JBS, the world’s largest meat processor, has capitalized on rising Asian demand, while MBRF’s diversified portfolio buffers it against regional volatility. Analysts highlight: - JBS : Improved margins in its U.S. operations and a weaker BRL favoring exports. - MBRF : Strategic acquisitions and a focus on value-added products. *"These companies are well-positioned for 2025’s demand surge,"* notes BTCC’s market analyst. --- ### The Minerva Downgrade: A Cautious Approach Minerva’s downgrade to "Neutral" reflects concerns over its debt levels and slower-than-expected recovery in key markets like Argentina. While its asset-light model has merits, Santander cites: - Rising feed costs squeezing margins. - Limited near-term catalysts compared to peers. *"Minerva isn’t a sell—just a ‘wait and see,’"* the report clarifies. --- ### Sector Outlook: Meatpacking in 2025 The report projects a 6–8% revenue growth for the sector, driven by: 1. Global protein demand : Emerging markets’ middle-class expansion. 2. Currency tailwinds : A weaker BRL boosting export competitiveness. 3. Sustainability pressures : Companies investing in carbon-neutral supply chains.  *Source: TradingView (2025 data)* --- ### Investor Takeaways - JBS/MBRF : Leverage their scale and export prowess. - Minerva : Monitor debt reduction progress before jumping in. - Risks : Geopolitical tensions, avian flu outbreaks. *This article does not constitute investment advice.* --- ### FAQ
Frequently Asked Questions
What triggered Santander’s rating changes?
The upgrades reflect JBS/MBRF’s operational strengths, while Minerva’s downgrade signals caution on its financials.
How does this affect my portfolio?
Diversify across upgraded names but stay selective—2025’s market will reward efficiency.
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