Analysts at Goldman Sachs Group led by Carlos Macedo raised
their 12-month price target for shares of insurance plan broker
Qualicorp SA, which the analysts said does not face
policy underwriting risk yet benefits from the secular growth
trends related to healthcare in Brazil. In a report on
Wednesday, Macedo and his team upped the target for Qualicorp to
22.90 reais from 22.30 reais previously.
In the case of Porto Seguro SA, Brazil's largest
independent insurer, the 12-month target price was raised by 2.4
percent to 21 reais, while that for SulAmérica SA
was cut by 1.3 percent to 14.50 reais. The valuations of both
insurers is "rich" at this point, the analysts said. SulAmérica
shares could also be affected by a potential mergers and
acquisition transaction - for a few years, majority shareholder
ING Bank NV has sought to sell its stake in the
insurer, the report added.