Hapvida Shares Jump 6.2% After 'Buy' Recommendation From BTG Pactual
By Jeffrey T. Lewis
SAO PAULO--Hapvida Participacoes e Investimentos SA's shares jumped 6.2% after the Brazilian hospital operator was rated a "Buy" by investment bank BTG Pactual.
Shares reached 2.75 reais, the equivalent of 54 cents, and were down 49% from the end of last year through Thursday's close. Friday was a holiday in Brazil and the stock market was closed. Brazil's benchmark Ibovespa stocks index was little changed at midday.
BTG Pactual analysts reinstated coverage of Hapvida with a "Buy" recommendation, saying a rebound in average tickets and an improvement of general and administrative expenses should fuel a gradual turnaround of margins and support share prices.
Hapvida's recent capital increase and the sale and leaseback of some property have given the company enough cash to bring the company relief regarding its capital structure, the analysts said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
April 24, 2023 11:25 ET (15:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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