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Afya upgraded to Neutral from Sell at Citi

Citi upgraded Afya (AFYA) to Neutral from Sell with a price target of $14, down from $16. The firm says the company’s risks are better priced into the shares following Afya’s underperformance year-to-date relative to its Brazilian peers. The firm cites valuation for the upgrade despite dropping the target on reduced earnings assumptions.

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