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Valid Declines in Sao Paulo as Itau BBA Reduces to Hold

Valid Solucoes & Servicos de Seguranca em Meios de Pagamento & Identificacao SA dropped after Itau BBA cut its recommendation on the commercial services provider to the equivalent of hold.

Rio de Janeiro-based Valid declined 1 percent to 42.03 reais at the close of trading in Sao Paulo. The Bovespa index rose 1 percent.

Itau cut Valid from the equivalent of buy, saying the company’s outperformance versus the Bovespa has left valuations expensive. Valid rose 87 percent in the past year, while the benchmark fell 6.5 percent during the same period.

“We remain optimistic about Valid’s prospects, but would rather wait for a better entry point,” analysts including Alexandre Spada wrote in a research report.

Valid offers products and services in identification systems, telecommunications and payments, according to its website. Shares trade at 20.9 times the company’s reported earnings, compared with an average ratio of 19.9 for the Bovespa’s 69 members, data compiled by Bloomberg show.

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