SLC Agrícola rises as JPMorgan upgrades stock

SLC Agrícola shares gained 7.72% to trade at R$ 18.15 around 10:35 AM on 9 September 2026. The move came after JPMorgan upgraded the agribusiness stock from neutral to overweight, its equivalent of a buy rating, and raised its price target from R$ 18 to R$ 23.

The company was the top performer on Brazil's Ibovespa index in August with a 20% gain, although its shares left the index in early September. JPMorgan named SLC Agrícola as its top pick in Latin American agribusiness, placing it ahead of 3tentos, São Martinho, and Adecoagro.

Analysts Lucas Ferreira, Larissa Perez, and Froylan Mendez pointed out that Brazil's agricultural sector may be nearing the end of a roughly three-year downturn that pressured margins and increased leverage. They noted that SLC Agrícola executed efficient fertilizer purchasing and well-timed hedges, positioning 2027 as a stronger year despite El Niño risks.

The analysts estimate the stock trades at 5.9 times projected 2027 enterprise value to EBITDA, with a 6.2% free cash flow yield. Higher commodity prices support the outlook: global soybean prices climbed 13% over the past month and 26% year-to-date, corn rose 16% both in the month and year-to-date, and cotton gained 29% this year despite a 1% monthly dip. In Brazil, benchmark Paranaguá soybeans gained 12% in the month and 14% year-to-date, while Campinas corn rose 9% in the month and 2% year-to-date.