Afya downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Mauricio Cepeda downgraded Afya to Equal Weight from Overweight with a price target of $23, up from $20.50. Brazil education stocks have rallied on the back of operating performance recovery and a fall in interest rates, the analyst tells investors in a research note. The firm cites valuation following the stock’s outperformance in the recent months for the downgrade of Afya.