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Investing.com - JPMorgan has upgraded Brazilian real estate developer EZTEC (EZTC3:BZ) from Neutral to Overweight, while raising its price target to R$20.50 from R$16.00.
The upgrade is based on EZTEC’s discounted valuation, with JPMorgan citing an attractive 34% upside potential to its December 2026 price target and a discounted price-to-earnings ratio for 2026 at 6.1x.
JPMorgan expects a potential re-rating of the stock driven by positive news flow regarding the possible sale of the Esther tower for R$1.5-2.0 billion, which the firm anticipates will occur during 2026 or 2027.
The investment bank also noted an improvement in sentiment toward the mid and high-income segment of the real estate market, supported by a more bullish macroeconomic outlook.
Higher sales speed, particularly in inventory properties, was identified as another factor contributing to the improved outlook for EZTEC.
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