On Tuesday, the Ibovespa experienced a 0.4% rise, surpassing the 142,000 mark. This uptick followed the International Monetary Fund's (IMF) upward revision of its growth forecast for Brazil, anticipating a Gross Domestic Product (GDP) expansion of 2.4% for this year—an increase of 0.1 percentage points from its July estimate. However, the IMF adjusted its 2026 projection downward, reducing it by 0.2 percentage points to 1.9%. In parallel developments, Goldman Sachs updated its analysis of the Brazilian banking sector, upgrading Bradesco to a neutral stance with a 1.4% increase in value and adjusting its price target from R$15 to R$17. Conversely, Santander Brasil faced a downgrade to a sell rating, with its target price reduced from R$28 to R$26 due to weaker performance trends compared to its private-sector counterparts. The firm retained a buy recommendation on Itaú, which rose by 0.7%, and maintained a neutral rating on Banco do Brasil with a 0.3% increase, citing their attractive valuations. Meanwhile, BTG Pactual announced a strategic merger with Banco Pan, which soared by 26.5%, through a stock swap intended to delist Pan and streamline operations within the group. Additionally, Embraer saw a 1% increase after TrueNoord placed an order totaling US$1.8 billion for 20 E195-E2 jets.
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