Brazil firms' 2Q2026 earnings to boost market activity

Analysts highlighted four Brazilian stocks expected to perform well after the second‑quarter 2026 results are released. BTG Pactual kept a buy rating on Petrobras and raised its price target to R$56, citing geopolitical risk and tighter global refining capacity that should lift margins. Empiricus recommended a purchase of Multiplan, projecting a price target of R$46 and upside of more than 60% driven by mall expansion and non‑recurring tax credits. XP Investments sees Bradesco delivering a solid quarter with stable net interest revenue and controlled expenses, while maintaining a neutral stance. Empiricus also issued a buy call on Direcional, an engineering‑construction firm.

The broader earnings season runs from March 27 to 31, with eleven major listed companies reporting, including Vale, Santander, Usiminas, Ambev and TIM. UBS cut TIM’s target price ahead of its report, citing slowing mobile‑service growth. XP expects Santander to post moderate credit‑portfolio growth and a profit decline to R$3.3 billion. Vale is projected to record an adjusted EBITDA of US$3.9 billion, benefiting from favorable commodity prices, while Ambev’s results are expected to be bolstered by the 2026 World Cup market environment.