Brazil’s Fuel Retailers Vibra and Ultrapar Win Upgrades as Canada’s CPPIB Exits

Brazil · Markets Key Facts —Morgan Stanley upgrades Vibra to buy The bank sees stronger earnings potential as Brazil cracks down on fuel-market irregularities, making the sector more attractive for investors. —Scotiabank raises Ultrapar to Outperform The Canadian bank’s upgrade and R$22 target reflect confidence that improved competitive conditions will boost Ultrapar’s returns. —CPPIB fully…