STXNEWS LATAM-JPMorgan ups Cielo, Brasil Insurance as buffer against weak growth

Fri Feb 1, 2013 4:46am EST

Analysts at JPMorgan Securities led by Domingos Falavina raised the price target and recommendation on shares in Brazilian card payment processor Cielo SA and insurance broker Brasil Insurance SA because of their resilience to lackluster economic activity and their current, more appealing valuations relative to other financial stocks. Falavina and his team upped the target on Cielo to 64 reais from a prior 53 reais, and on Brasil Insurance to 25 reais from 21 reais. Both stocks have now an "overweight" recommendation.

The analysts also cut their recommendations on Brazilian insurer Porto Seguro SA and Bolsa Mexicana de Valores SAB to "neutral" and left their price targets unchanged.

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