Bradesco BBI downgrades Klabin and Cogna to neutral

Bradesco BBI has adjusted its investment recommendations for two Brazilian companies, Klabin and Cogna, moving both to a neutral rating.

For Klabin (KLBN11), the bank lowered its recommendation from buy to neutral and reduced the price target from R$ 24 to R$ 21. Analysts cited limited return potential following recent stock appreciation and a downward revision of sector projections. The bank also cut its 2027 EBITDA estimate for Klabin by 11% to R$ 8 billion, noting challenges such as increased global cellulose supply and capacity expansion in China.

Regarding Cogna (COGN3), Bradesco BBI downgraded the stock from buy to neutral and lowered the 2027 price target to R$ 3.10 from R$ 3.80. The downgrade is attributed to operational deceleration and the impact of new distance learning regulations, which may increase costs and restrict expansion. The bank expects pressure on revenue and margins for Cogna’s higher education division, Kroton, in the second half of 2026. In contrast, the bank maintains a positive outlook on the education sector, favoring Yduqs (YDUQ3) with a buy recommendation.