JPMorgan upgrades Rumo to buy, downgrades Localiza to neutral after transport rally

JPMorgan shifts its top pick in Brazilian transportation from Localiza to Rumo, upgrading Rumo to buy and downgrading Localiza to neutral after a rally of up to 70% in the sector. The bank's thesis now favors cash generation and valuation over growth. This reflects a rotation within the sector, not a macro signal.