UPDATE: Goldman Sachs Downgrades Azul SA (AZUL) to Neutral

Goldman Sachs analyst Bruno Amorim downgraded Azul SA (NYSE: AZUL) from Buy to Neutral with a price target of $22.20 (from $21.60).

The analyst comments "Downgrading Azul to Neutral from Buy as, on our revised estimates, the shares are already pricing in a steep recovery of demand in the upcoming years. We forecast the company should already surpass 2019 EBITDA levels by 8%/45% in 2022/23E."

For an analyst ratings summary and ratings history on Azul SA click here. For more ratings news on Azul SA click here.

Shares of Azul SA closed at $21.64 yesterday.

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