Jefferies analyst Alejandro Anibal Demichelis upgraded Ultrapar (UGP) to Hold from Underperform with a price target of $5.60, up from $3.10, after the Brazilian government announced a temporary 12% oil export tax along with a cut in fuel taxes and diesel subsidies to contain the inflationary impact of the Iran war. The firm, which is now more positive on Brazilian fuel retailers in the near-term, upgrades Vibra to Buy and Ultrapar to Hold.
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