Ultrapar Receives Analyst Upgrade Amid Policy Changes

Jefferies upgraded Ultrapar Participações S.A. (NYSE: UGP) to Marketperform from Underperform on March 13, raising its price target from $3.10 to $5.60. The analyst cited Brazil’s recent temporary 12% crude-export tax and cuts to fuel import taxes and diesel subsidies, which stabilize domestic fuel prices and could boost retailer margins. The policy mix is expected to provide near-term benefits to Ultrapar and peer fuel retailers.
Scoring Rationale
Analyst-backed, timely sector update; limited by single-source reporting, shallow coverage, and narrow, Brazil-focused fuel-retailer impact on investors.
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