Citi
May 15, 2026
The Point For Latin America
Weekly UpdateEquitiesCommoditiesMacro Economic IndicatorsEnergyConsumer Staples
A weekly summary of Latin American market strategy, featuring significant rating changes in Brazilian pharmaceuticals and a bullish outlook on Argentine energy.
Key Takeaways
- 1.Argentina's oil and gas sector (Vaca Muerta) is a structural beneficiary of the new energy outlook, with higher oil prices and LNG monetization projects providing tailwinds.
- 2.A contrarian stance is recommended in Brazil drugstores, upgrading Hypera to Buy due to margin tailwinds and GLP-1 optionality, while downgrading RD to Sell on digital profitability concerns.
- 3.EM local markets have shown signs of complacency regarding stagflation and supply chain risks, though Latin America has significantly outperformed other regions.
Table of Contents
- Top Call
- Company
- Industry
- Strategy & Economics
- Global
- Key Rating and Target Price Changes
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Authors
Andrés CardonaLeandro Bastos, CFAGustavo Schroden
Securities
VIST.NYPFHYPE3.SARADL3.SANU.N
Themes
Vaca Muerta Structural GrowthEM Complacency and Stagflation RisksBanking Asset Quality Resilience
Regions
Latin AmericaArgentinaBrazilMexico