Rumo downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank analyst Alfonso Salazar downgraded Rumo to Sector Perform from Outperform with an unchanged price target of R$24. The firm no longer sees “attractive upside” to its one-year price target following the roughly 30% rally in the stock year-to-date and adds that China’s agricultural self-sufficiency goal “looks to us as a threat to Rumo’s investment plan.”