Light Rises as Itau Assigns Buy Rating to Brazilian Utility
Light SA (LIGT3) rose the most in three weeks after Banco Itau BBA raised the Brazilian power utility to the equivalent of buy from neutral, citing its “attractive” valuation.
“The stock seems to have reached an attractive entry point,” Marcos Severine and Mariana Coelho, analysts at Itau in Sao Paulo, wrote in a note to clients dated today.
Shares advanced 5.3 percent to 24.23 reais at the close in Sao Paulo, the biggest gain since June 2009. The benchmark Bovespa index rose 1 percent. Light has fallen 15.9 percent this year.
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