Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Ambarella (AMBA) initiated with a Neutral at BofA/Merrill. 2. New Relic (NEWR) initiated with a Hold at Argus. 3. Adecogro (AGRO) initiated with a Buy at Santander. 4. ElectroCore (ECOR) initiated with a Buy at BTIG and an Outperform at JMP Securities. 5. Apergy (APY) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Adecogro downgraded to Neutral from Overweight at JPMorgan. JPMorgan analyst Lucas Ferreira downgraded Adecogro to Neutral and lowered his price target for the shares to $8.50 from $15. The analyst recommends selective exposure to Latin America agriculture equities and thinks Adecogro's "de-rating" will be "long-lasting." The valuation is not cheap and execution risk may increase if Adecogro moves ahead into food downstream, Ferreira tells investors in a research note.