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Adecoagro (AGRO)

Our initial opinion on AGRO: Avoid IPO/Consider opportunistic purchases after clarity on restrictions against foreign ownership of Brazilian farmland. Future acquisitions and leasing of Brazilian farmland will be subject to new restrictions, and will require several additional layers of review and approvals which could be discretionary, burdensome and time consuming, acknowledges Adecoagro in its registration filing. This could impact AGRO's stated goal to expand sugarcane planting to 296,520 leased acres by 2016, from 99,791acres now.