Hypera downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Gustavo Miele downgraded Hypera to Neutral from Buy with a price target of R$37, down from R$39. In a nutshell, the firm is incrementally more cautious on the company’s competitive landscape as per recent moves from its rivals in several categories. Not only does Goldman see this as a risk for mid-term growth and margins, but also for the company to achieve its 2024 guidance, which will be highly dependent on Q4 results, the analyst tells investors in a research note.