BTG Pactual has upgraded Brazilian beverage giant Ambev to Buy from Neutral, marking the first time the broker has held a positive rating on the stock in 13 years.
The São Paulo-based investment bank set a target price of R$20 (approximately $3.64) for the shares, signaling a renewed conviction in the company’s growth trajectory and valuation potential.
In a separate move, Scotiabank initiated coverage on Brazilian industrial conglomerate WEG at Buy, assigning a target price of R$52.
In a separate move, Scotiabank initiated coverage on Brazilian industrial conglomerate WEG at Buy, assigning a target price of R$52.
The initiation reflects growing interest from international banks in Brazil’s industrial sector, which has benefited from stable domestic demand and export resilience.
The upgrades come as Latin American equities face mixed signals from global macro trends.
While commodity prices remain volatile, domestic consumption in Brazil has shown signs of stabilization, supporting consumer staples and industrial names.