Unipar and Suzano face updated analyst ratings in Brazil

BTG Pactual has initiated coverage on Unipar with a neutral recommendation and a price target of R$ 68. While this suggests a potential upside of 23.2%, analysts believe much of the gains are already priced in. The company, which holds a significant position in investor Luiz Barsi's portfolio, is transitioning into a chloro-alkali platform rather than a PVC-spread-based thesis. Analysts noted that recent investments have increased leverage and financial expenses, which may limit short-term dividend distributions as management focuses on deleveraging.

In the pulp and paper sector, Itaú BBA maintained a buy recommendation for Suzano, though it reduced the 2027 price target from R$ 64 to R$ 58. The bank remains optimistic about short-term bleached short-fiber pulp prices but expressed caution regarding medium-term supply increases from China, Indonesia, and Latin America. Additionally, Itaú BBA maintained a hold recommendation for Klabin, lowering its 2027 price target to R$ 21 from R$ 23.