Goldman Sachs analyst Bruno Amorim upgraded Azul to Buy from Neutral with a price target of $18.30, up from $14.90. The analyst sees a “positive asymmetry” between the company’s EBITDA expansion going into 2024 and views the stock’s valuation as “undemanding,” especially after the recent correction. Azul’s recent renegotiation with lessors and bondholders has significantly decreased its balance sheet risks, the analyst tells investors in a research note. Goldman sees a buying opportunity given the “current rational state” of the competitive environment, which it says should allow for price increases over the next few quarters to offset higher costs. The firm names Azul its new top pick among the Latin American airlines.
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