UPDATE: UBS Upgrades Copel (ELP) to Buy
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UBS analyst Giuliano Ajeje upgraded Copel (NYSE: ELP) from Neutral to Buy.
The analyst comments "We are upgrading Copel's recommendation to Buy from Neutral rating and increasing price target to R$80/share vs. previous R$63/share on the back of attractive valuation, the sale of Copel Telecom and new macro estimates. We are also adjusting our 2020E and 2021E numbers to incorporate the effects and consequences of COVID-19, especially volumes and delinquency in the distribution segment, and our new hydrology estimates (GSF of 89% and an energy price of R$125/share in 2021E). We are also taking the opportunity to incorporate the effects of the Copel Telecom sale for R$2.39bn on 9 Nov that will mainly impact the company's figures in 2021E and thereafter. Given above, our 2020/21E EPS increase 22%/57%."
Shares of Copel closed at $11.58 yesterday.
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