Brazilian Stocks Raised to ‘Overweight’ at JPMorgan
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Brazilian stocks were upgraded to “overweight” by JPMorgan Chase & Co.’s Latin America strategists, who cited attractive valuations, “moderate” interest-rate increases and declining political risks.
Investors should hold more Brazilian shares in their Latin America portfolios than are represented in benchmark indexes, JPMorgan strategists led by Ben Laidler in New York wrote in a research report dated yesterday. The strategists didn’t include their previous recommendation in the report and said investors should keep “underweight” Brazil holdings within their global emerging-market funds.