The following is a list of price targets and rating activity for Brazilian stocks on Tuesday:
1) Bank of America Merrill Lynch analysts led by Frank McGann lowered the price target for U.S. traded shares of Petróleo Brasileiro SA to $22 and $22.50, respectively, from $24.50 and $25, previously. McGann raised his target for the local shares to 27.50 reais and 28 reais, from 27 reais and 27.5 reais previously. The recommendation on the shares remains at “buy.”
2) Deutsche Bank Securities analysts led by Mario Pierry lowered the recommendation on shares of financial exchange company BM&FBovespa SA to “hold” from “buy” previously. Pierry and his team also trimmed the target on the stock to 12 reais from a prior 16 reais, citing a higher cost of equity, and potentially lower trading volumes amid rising borrowing costs and a riskier perception of local markets in Brazil.