Brazil’s Record-Setting Stocks Will Rally Another 11%, BofA Says
- BofA expects Ibovespa to reach 145,000 by the end of 2024
- Firm favors Brazil over Mexico amid prospects for US slowdown
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Brazilian stocks are set to keep rallying in the coming year as central banks around the world opt for looser monetary policy, boosting appetite for risky assets, according to Bank of America Corp.
The benchmark Ibovespa index is expected to end 2024 at 145,000 points, implying an upside potential of about 11% in local-currency terms from Thursday’s close, David Beker, head of Latin America equity strategy, told journalists in Sao Paulo Friday. That would add to gains of 19% in the gauge so far this year.