BofA lowered the firm’s price target on Arcos Dorados (ARCO) to $11 from $12 and keeps a Buy rating on the shares. Forex impacts and higher Brazil protein prices are headwinds and Arcos faces a tough Q1 calendar, says the analyst, who sees signs of slowing demand in Brazil and Mexico. However, the firm views the stock’s valuation as “attractive” and reaffirms a Buy rating on the shares after Q4 earnings.
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