UBS downgraded Afya (AFYA) to Neutral from Buy with a price target of $16, down from $18. The firm says the company’s higher investments during a period of “naturally increased volatility” in a political year could lead to higher uncertainties in Afya’s investment thesis. Margin pressure could weigh on the shares in the short term, offsetting its re-rating potential, the analyst tells investors in a research note.
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