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Ecorodovias Falls as Bank of America Downgrades to Hold

Ecorodovias Infraestrutura e Logistica SA, Brazil’s largest toll-road operator, fell for the first time in five days after Bank of America Merrill Lynch cut its recommendation to the equivalent of hold.

Shares fell 1.9 percent to 17.71 reais at the close of trading in Sao Paulo, the biggest one-day drop since Jan. 7. Volume was 1.4 times the three-month average, according to data compiled by Bloomberg. The Bovespa index declined 0.2 percent.

Bank of America analysts cut the stock from the equivalent of buy, saying the expected total return isn’t enough to offset concern that Banco BTG Pactual SA may divest its 8.7 percent stake in Ecorodovias while business may slow at its Tecondi container terminal at the port of Santos.

“While the market has been aware of competition risks, we are now more concerned with downside risks to Tecondi,” the analysts wrote in a research note.

Ecorodovias has gained 40 percent in the past year, while the Bovespa fell 8.9 percent.

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