Analysts from BTG Pactual, XP Investimentos, and Bank of America agreed in pointing out the “window of opportunity” for Brazilian beef exports mentioned by Minerva Foods CEO Fernando Queiroz, in a context of global cattle supply contraction.
BTG noted that the scenario reinforces the company’s export-driven profile and praised Brazil’s structural advantages—herd expansion capacity, competitive feed costs, and moderate climate risks—while warning about potential free cash flow pressure in the event of a cattle cycle reversal. The bank maintains a neutral recommendation and a price target of R$ 8.00, implying 22.3% upside potential.
XP, meanwhile, maintains Minerva as its top pick in the agribusiness, food, and beverage sector, with a buy recommendation, a price target of R$ 7.90, and 16% upside potential. The brokerage highlighted the swift integration of the assets acquired from Marfrig, completed ahead of schedule, which will allow capacity utilization to reach 75–80% in the fourth quarter.
Bank of America, for its part, emphasized Minerva’s focus on reducing leverage. The bank estimates the net debt/EBITDA ratio could fall to 2.5x–2.8x by the end of 2025 and below 2.5x in 2026, paving the way for dividend payments. It raised its price target from R$ 6.20 to R$ 7.40 but maintained a neutral rating, citing the company’s high leverage and limited upside potential.
Source: Money Times
