** Shares in Brazil's JBS SA, the world's largest beef processor, rose for the third straight day after analysts with JPMorgan Securities raised their recommendation on the stock to "overweight" from "neutral"
** Common shares rose 4 pct to 9.93 reais, extending gains to 9 pct since touching a six-month low on Friday
** Traders have been buying JBS stock on hopes of an improvement in profit margins and debt levels next year, following a 74 pct drop in third-quarter profit
** JPMorgan analysts led by Pedro Leduc said they expect JBS to report higher fourth-quarter earnings, triggering share gains
** "JBS' path upward could remain volatile with headline risk, fit mostly for investors with strong stomachs," they wrote in a report. But "we think the reward side of the equation justifies an overweight"
** JBS shares have shown sharp volatility throughout the year after police detained Chief Executive Wesley Batista for questioning in a graft probe and a government agency vetoed its plans to move some operations abroad