Ultrapar downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Ultrapar to Neutral from Buy with a price target of $4, down from $4.50. The analyst cites valuation for the downgrade following the stock’s outperformance. Ultrapar’s price-to-earnings premium over Vibra is now 50% verses the 30% historical average, the analyst tells investors in a research note. The firm also sees “fading momentum,” saying Ultrapar’s turnaround that started in late 2021 has been mostly completed according to management at last week’s investor day.