Eletrobras price target lowered to R$57 from R$59 at BofA

BofA lowered the firm’s price target on Eletrobras to R$57 from R$59 and keeps a Buy rating on the shares. The firm updated estimates to incorporate recent corporate events, noting that it sees “plenty of room and reasons for the stock to re-rate in the next 12 months” given it sees a potential inflection point to the recent “peak pessimism on the stock,” driven by improving fundamentals.