J P M O R G A N Latin America Equity Research 28 July 2026 LatAm Protein Reshuffling Preferences: Upgrading JBS to OW and Downgrading Minerva to N; We Prefer MBRF > JBS > BEEF We had previously highlighted the reopening of the Mexico–US cattle border as a pivotal catalyst for the protein sector. While it is hard to estimate how much earnings revision that could end up driving for the sector in the near term, we think the event could mark the trough in terms of investor sentiment. Now that this catalyst has ...