BBI issues buy ratings for Localiza and Movida citing significant valuation discounts

Banco de Investimentos (BBI) recommends buying shares of Brazilian rental car companies Localiza and Movida, projecting potential upside based on current market discounts of up to 59%. The analysis suggests that recent sector headwinds are already priced into current valuations, though the timing of a recovery remains subject to broader macroeconomic conditions in Brazil.