JPMorgan Downgrades Bachoco (IBA) to Neutral

JPMorgan analyst Lucas Ferreira downgraded Bachoco (NYSE: IBA) from Overweight to Neutral with a price target of $65.00 (from $68.00).

The analyst steps the sidelines after reducing estimates to reflect tougher than expected protein pricing trends in Mexico and in the US. The analyst continues to like the equity and the LT dynamics for the business but is more cautious due to expectations for pressure on revenues and margins over the coming quarters.

For an analyst ratings summary and ratings history on Bachoco click here. For more ratings news on Bachoco click here.

Shares of Bachoco closed at $53.96 yesterday.

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