Adecoagro SA seen as undervalued with 69% upside due to strong urea production in Argentina.

Analyst David B. McMillan rates Adecoagro SA (AGRO) as a 'Strong Buy' with a projected 69% upside, arguing the market undervalues the company by viewing it merely as a cyclical commodity producer. AGRO's urea production in Argentina offers significant advantages due to geopolitical and climatic factors, positioning it well for growth. The company's Q2 2026 earnings are expected to reflect full capacity at Profertil, potentially driving rating upgrades as it benefits from peak urea prices. This outlook highlights AGRO as a compelling investment in the commodity sector beyond typical agricultural cycles.