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Amil Falls After UBS Drops ‘Buy’ Rating on Valuations

Amil Participacoes SA fell the most in a month after UBS AG cut its rating on the health insurance provider to “neutral” from “buy,” citing its price relative to earnings following a two-month rally.

Amil, the Rio de Janeiro-based insurer that agreed to buy Medial Saude SA last year, fell 3.7 percent to 14.45 reais in Sao Paulo trading at 5 p.m. close. The stock surged 20 percent through yesterday from its May 18 low.

“We believe that the stock is already pricing in most of the benefits from a successful turnaround at Medial,” Gustavo Piras Oliveira, an analyst at UBS, wrote in a note to clients.

Amil fetches 44 times reported earnings, compared with a price-to-earnings ratio of 13 for the Bovespa stock index, according to Bloomberg data.

UBS prefers OdontoPrev SA, Brazil’s largest provider of dental-care plans, over Amil, according to the report.

OdontoPrev, which trades at 32 times profits, dropped 1.3 percent to 16.30 reais today.

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