Analyst Joseph Giordano upgraded Assaí Atacadista, a wholesale retailer with almost 300 stores in Brazil that trades on the New York Stock Exchange.
JPMorgan thinks Assaí Atacadista, one of the largest retailers in Brazil, is a strong investment play as the company begins to reflect better operating trends. Analyst Joseph Giordano upgraded Assaí, a Brazilian self-service wholesale company with almost 300 stores that trades on the New York Stock Exchange, to overweight from neutral. JPMorgan also raised its price target by $2.50 to $17.50, implying upside of almost 30% over the next year.
mountain ASAI ADRs in the U.S. over past 12 months. "We revisit our views on the Brazilian cash & carry space ahead of 1Q24 results," Giordano wrote in a note Tuesday. "Overall, we see that food inflation has been recovering. Our proprietary pricing tool shows that players have been passing prices to final consumers, tracking food CPI , albeit food inflation is likely to become more supportive to higher margin gains just into 2H24E.
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