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Investing.com - JPMorgan has upgraded Log Commercial Properties (LOGG3:BZ) from Underweight to Neutral and raised its price target to R$28.00 from R$24.00, citing stronger-than-expected third-quarter results.
The firm noted that Log Commercial Properties ’ top line exceeded its forecast by 6% in the third quarter of 2025, positioning the company to benefit from the anticipated easing cycle expected to begin in late 2025 or early 2026.
JPMorgan highlighted the company’s continuous divestments, including a recently announced R$364 million memorandum of understanding, which will allow Log Commercial Properties to fund its growth plan and increase its projects under construction from 8 in the second quarter to 16.
Despite the upgrade, JPMorgan pointed out that Log Commercial Properties offers an upside of approximately 18% to its December 2026 price target, compared to a 25-35% upside for Brazilian mall companies that the firm rates Overweight.
The firm also expressed concern about Log Commercial Properties’ valuation, noting its P/FFO 2026 estimate of approximately 32.5x represents a significant premium to Brazilian mall valuations of 8-10x, while its growth model’s reliance on constant divestment introduces volatility to the company’s growth pace and results.
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