Here are the Brazilian stock picks by Credit Suisse in their latest LatAm report (the ADRs are in bold):

HRT, Braskem, Vale (NYSE: VALE), MMX, PDG, Banco do Brasil, Embraer (NYSE: ERJ), Lojas Americanas, Bradesco (NYSE: BBD), BR Malls, CETIP, Telefonica Brasil (NYSE: VIV), Cemig, Redecard, Brasil Foods (NYSE: BRFS), Ambev (NYSE: ABV).

Here is the table with full details on target prices and current valuations (our comments below).

Our comment: we like Brasil Foods (NYSE: BRFS) and Telefonica (NYSE: VIV). We do not agree with Credit Suisse on Vale (NYSE: VALE) and Bradesco (NYSE: BBD), as they might suffer in a scenario of lowering commodity prices as China slows down (in the case of Vale) and increasing consumer delinquency rates (in the case of Bradesco)

Share →