Shares advanced 2.9 percent to 45.27 reais at 1:52 p.m. in Sao Paulo. A close at that level would be the highest since Aug. 15. The benchmark Bovespa index gained 0.5 percent.
In a report initiating coverage of the Sao Paulo-based company, Banco Santander Brasil analysts including Henrique Navarro said Multiplus has a “unique” business model, is a “cash cow company with high margins and returns,” and is positioned for growth. The bank set a 53-real target price for Multiplus by the end of 2013.
Multiplus gained 36 percent this year through yesterday, while the Bovespa advanced 4.7 percent during that same period.
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