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BofA Raises Ibovespa Target to 135,000 On Commodities/Earnings

  • From Bloomberg report: Bank of America has adjusted its 2022 year-end target for Brazil’s benchmark Ibovespa equity index to 135,000 from 125,000 on the back of surging commodity prices and higher earnings estimates.
  • - “Brazil should continue to be a key EM destination given the weight of value names,” strategists noted, maintaining Brazil at overweight within their Latin American portfolio
  • Foreign inflows have been ahead of expectations in Brazil and there is more upside:
    • “We are more optimistic than consensus on several commodities (especially oil, aluminum and pulp) and earnings for banks”
  • BofA also notes that investor concern about the October elections and fiscal outlook seems to have “declined at the margin”.

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