JBS (JBSS32) Named Preferred Protein Stock Pick by BTG Pactual and Itaú BBA Ahead of Q2 Earnings

Two of Brazil’s largest banks have tagged JBS S.A. (JBSS32) as the preferred long-term pick among Brazilian meatpackers ahead of the company's second-quarter 2026 earnings report, expected on August 10. BTG Pactual and Itaú BBA both initiated or reiterated a positive long-term outlook on the global protein giant. The banks highlighted their conviction on JBS over its main domestic peers, Marfrig Global Foods (MBRF3) and Minerva S.A. (BEEF3), both of which maintain a "Neutral" rating from the two institutions.

The positive view on JBS (JBSS32) is driven by its diversified global platform and ability to withstand cyclical pressures in specific markets. The company, which is currently trading around R$70.70 on the B3, is viewed as having a more robust earnings profile than its domestic peers due to its diversification across beef, pork, and chicken, as well as its geographic spread across North and South America, Australia, and Europe. This structure supports the banks' long-term preference for JBS.

In the near term, however, Itaú BBA projects Marfrig (MBRF3) to deliver the best relative performance among Brazilian meatpackers for the second quarter. This projected short-term strength is largely attributed to strong dynamics in the global chicken market and robust international demand for its products. Despite the expectation for strong Q2 results, Marfrig’s long-term rating remains at “Neutral,” reflecting the company’s higher leverage and lower diversification compared to JBS. Minerva (BEEF3), focused primarily on the beef export market, also received a “Neutral” rating, keeping it a lower-conviction pick in the long-term outlook.

The analyst views come as the broader Brazil stock market shows modest gains, with the benchmark Ibovespa (IBOV) trading up 0.47% to 177,999.0 and the iShares MSCI Brazil ETF (EWZ) up 0.33% today. For investors following the sector, the key event to watch is the official announcement of JBS's Q2 2026 earnings on August 10. The results will provide the first concrete data point on whether the company's operational performance can justify the consensus positive long-term view from the major banks. Investors will also monitor the Marfrig and Minerva earnings releases for confirmation of the short-term strength projected by the banks.