Azul upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Azul (AZUL) to Overweight from Neutral with a price target of R$29, up from R$26.50. The stock’s recent underperformance is “unjustified,” the analyst tells investors in a research note. Azul is down 32.5% in the past three months even though the company’s liability management and has been showing consistent operational results, says the firm. It says Copa Holdings (CPA) remains as its top pick within Latin American airlines.