Brazilian food giant JBS trades with a higher market cap than Tyson Foods in its U.S. debut

 JBS N.V. (NYSE:JBS) began trading on the New York Stock Exchange on June 13. Shares opened at $13.65 giving the company a market capitalization of approximately $30 billion, surpassing major competitor Tyson Foods (NYSE:TSN). Shares drifted to as high as $14.45 on Monday and were swapping hands at $14.23 at 2:25 p.m.

JBS had been pursuing a U.S. listing for over 15 years, with previous attempts delayed by operational and regulatory hurdles, as well as corruption investigations in Brazil. The move to the NYSE completed a dual listing strategy by JBS (NYSE:JBS), with shares now available in New York and Brazil's B3 exchange. 

Notably, JBS has had extensive business operations in the U.S. for nearly two decades, including the acquisition of Swift & Company in 2007, Smithfield Foods’ beef operations in 2008, and a controlling stake in Pilgrim’s Pride (PPC) in 2009.

Morgan Stanley assumed coverage of JBS' (JBS) U.S. listing with an Overweight rating and called the food stock its top pick in the Latin America food and beverage sector. The firm's price target of $21 implies ~40% upside.

"While the stock has performed well over the past 12-18 months, we see the recent weakness on the back of trading flow dynamics as an opportunity for investors to get engaged on the name. We continue to see potential for another leg up from here as JBS's valuation multiple discount to US-peers (namely TSN) gradually narrows," analyst Ricardo Alves. 

https://www.msn.com/en-us/money/topstocks/brazilian-food-giant-jbs-trades-with-a-higher-market-cap-than-tyson-foods-in-its-u-s-debut/ar-AA1GPxws