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Cresud's urban real estate operations (IRSA) continue to perform well as rents, occupancy, and sales remain strong at these high-end properties.

Agriculture has also been doing well, but crop prices have started to retreat and Cresud's planting growth expectations are modest.

There is significant potential for Cresud to develop its land assets into much higher-value properties, but that's going to take time, money, and a more responsible Argentine government.

Sometimes a little extra attention can make all the difference. I don't want to suggest that Morgan Stanley's bullish initiation of coverage on Cresud (NASDAQ:CRESY) is the only reason the shares have done so well since April, but it can't hurt to have a major sell-side firm beating the drum on an undervalued company. Cresud is still facing plenty of challenges, not the least of which are weak crop prices and a weak Argentine economy, but it seems as though investors are finally a little more willing to give some credit to the underlying potential value of this company's large Latin American agricultural land portfolio.'


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