Ultrapar upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Bruno Amorim upgraded Ultrapar (UGP) to Buy from Neutral with a price target of $3.20, down from $4.10. The firm sees Ultrapar as better positioned relative to Vibra Energia in a scenario of rising interest rates in Brazil, saying it could translate into either value-accretive acquisitions or higher dividends. In addition, Ultrapar’s new governance model has merits, as it could increase agility and position the holding as a strategic investor, the analyst tells investors in a research note. Goldman views the stock’s current valuation as “reasonable.”