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Brasil Foods, Marfrig Tumble After JPMorgan Cuts Stocks to Sell

BRF - Brasil Foods (BRFS3) SA, the world’s largest poultry exporter, and Marfrig Alimentos SA (MRFG3), Brazil’s second-biggest food company, slumped after JPMorgan Chase & Co. (JPM) cut both stocks to the equivalent of sell from neutral.

Brasil Foods fell 2.1 percent to 34.87 reais at 4:47 p.m. in Sao Paulo. Marfrig slid 0.9 percent to 11.89 reais after earlier retreating as much as 4.2 percent. The benchmark Bovespa index lost 1.8 percent.

JPMorgan’s 12-month price target for Marfrig is 10 reais. For Brasil Foods it is 33 reais.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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