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JPMorgan Says Should've Downgraded Brazil Stocks, But Too Late

JPMorgan Chase & Co. said it’s staying the course on Brazilian stocks, even after acknowledging that it would have liked to have downgraded them a month or so ago -- before the country’s currency weakened to its lowest since early 2016 and the Ibovespa benchmark lost 16 percent.

“It is a relative call and not one in which we are seeing that the country is poised for great things,” according to a note Friday from strategists led by Emy Shayo. Also, Brazil is structurally better than in the past, they said.