Citi Downgrades Industrias Bachoco S.A.B. de C.V. (IBA) to Hold
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Citi downgrades Industrias Bachoco S.A.B. de C.V. (NYSE: IBA) from Buy to Hold. Price target lowered from US$40 to US$37.
Citi analyst says, "While we view the company as an intriguing value option, we see new elements which, while not essentially contradicting our view, imply that upside potential for the stock is capped in the coming months at least. Those elements are: 1. Increased risk aversion - We believe that more volatile financial markets are being reflected in less appetite for companies in very cyclical sectors; 2. International chicken market; 3. Taking a closer look at prices, we note that chicken prices in Mexico City public markets have shown some signs of weakness since the middle of August."
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