- BofA analyst Murilo Freiberger downgraded Azul SA AZUL to Underperform from Neutral and changed the price target to $20.80 (implying an upside of 1.27%), up from $15.
- Freiberger states that Brazilian airlines have done an "impressive" job adjusting operations, negotiating liabilities, and sustaining liquidity during the COVID crisis, but there is limited upside from current valuation levels.
- Freiberger adds that the "COVID bill" can impact cash flows, and the company's existent liabilities could also be underestimated.
- Recently, Credit Suisse initiated coverage on the company with Outperform rating.
- Price Action: AZUL shares are trading higher by 2.47% at $20.52 on the last check Monday.
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