Brazil Top Analyst for Top Stock Predicts More Gains to Come
- Cemig will benefit from less government meddling: Santander
- Stock surged 59% in past month, but still down over past years
This article is for subscribers only.
Brazil’s biggest stock rally over the past month still has further to go, according to the most accurate forecaster for Cia. Energetica de Minas Gerais.
Cemig, as the electric utility owned by the state of Minas Gerais is known, is poised to benefit from a change in federal government that will lead to more mergers, an improved economy and less meddling in the industry, said Maria Carolina Carneiro, an analyst at Banco Santander Brasil SA who has rated the stock buy since October. Carneiro’s calls provided the biggest profit to investors in Cemig and three of the 14 other biggest publicly-traded Brazilian electricity companies, the best performance among analysts that cover the sector, according to data compiled by Bloomberg.