According to Marcel Andrade, head of equities at Vitreo, the main news for the company this week was Announcing the $290 Million Sale of American Merchant e-Solutions.
“With today’s announcement, we are classifying the company as a buy, because the company is very discounted, even with a rally this week. However, it is worth noting that it is still losing market share‘ says Andrade.
“The sale of its stake in Merchand E-Solutions was not a surprise, as it is in line with Cielo’s divestment plan. However, it was the negotiated price of the deal that surprised the market positively and is, by far, the largest sale Cielo has executed in recent years, even Taking into account the straight-line only,” he says.
For Vitreo’s equities chief, the drop comes in a busy week of struggling steel stocks, amid Chinese interventions.
The Asian country, the largest consumer in the sector, is investigating irregular operations to avoid artificial adjustments in sector prices.
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