By Jeffrey T. Lewis
SÃO PAULO--JBS's shares fell 1.7% after analysts at XP Investimentos and Citi Research cut their estimates for the Brazilian meat packer's earnings.
Shares reached 18.88 reais, the equivalent of $3.80, and are down 13% from the end of last year through Friday's close. Brazil's benchmark Ibovespa stocks index was down 0.4% in morning trading.
XP lowered its estimates for JBS to reflect tougher-than-expected supply-and-demand dynamics for all proteins, lower-than-expected demand from China for beef and other factors, analysts Leonardo Alencar and Pedro Fonseca said in a research note.
Citi research analysts cut their earnings-per-share estimates to BRL0.50 from BRL1.77 for 2023 and to BRL1.62 from BRL3.02 for 2024, citing a tougher outlook for JBS's U.S. beef operation.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
08-21-23 1029ET
