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Investing.com - UBS maintained its Buy rating on Construtora Tenda SA (BVMF:TEND3) with a price target of R$38.00 following the company’s third-quarter results.
The investment bank kept its projections for Tenda’s future launches unchanged while slightly reducing bottom line estimates for 2026 and 2027, primarily due to the performance of the company’s Alea brand.
For the core Tenda brand, UBS forecasts gross margins to remain at 33-34% in 2026 and 2027, which it considers potentially conservative given upcoming cost provision revisions and projects with special features, particularly in Northeast Brazil.
The Alea brand is expected to deliver lower margins than previously anticipated, with UBS noting limited visibility regarding the strategic plan to reduce geographic exposure.
UBS reaffirmed Construtora Tenda as its top pick in the sector, citing the company’s current valuation as "excessively discounted" compared to high-quality peers, while noting that Tenda’s operating and financial metrics appear stronger than its main competitors in several areas.
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