Spain’s credit rating upgraded to ’A+’ by S&P on strong growth
Investing.com - JPMorgan downgraded Cury Construtora e Incorporadora SA (CURY3:BZ) from Overweight to Neutral while raising its price target to R$40.50 from R$33.00.
The downgrade is based solely on Cury’s relative valuation and upside potential compared to its peer group, according to JPMorgan’s analysis.
JPMorgan noted that Cury continues to demonstrate "flawless execution" while maintaining the highest return on equity in the sector and consistently paying dividends, with an expected yield of 8% for next year.
The investment bank explained that the upcoming easing cycle and potential changes in Brazil’s political framework, particularly in case of a right-wing victory next year, could influence investor behavior.
JPMorgan believes these factors may lead investors to favor companies with lower price-to-earnings ratios than Cury, despite the company’s strong operational performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.