JPMorgan Sees 20% Rally for Brazil Stocks on Shift to Value
- Forecasts index to end 2021 at 134,000 as growth picks up
- Brazil stocks saw biggest monthly gain since 2016 in November
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JPMorgan Chase & Co. says Brazilian stocks will climb to record highs by the end of next year as a global economic recovery boosts the allure of undervalued companies.
“Brazil is the top candidate to outperform” in Latin America next year, Emy Shayo, the firm’s head of equity strategy for the region, said in an interview. “We expect growth to pick up and the U.S. dollar to slightly weaken globally, providing room for value stocks to keep rallying.”