JPMorgan Downgrades Frasle to Sell, Keeps Tupy and Iochpe-Maxion as Favorites

JPMorgan downgraded Frasle to Sell, citing pressure on domestic-exposed companies from Brazil's high-for-longer interest rates and weak GDP growth. The bank maintains Buy ratings on Tupy and Iochpe-Maxion, implying a preference for exporters over domestic plays. This reflects a bearish view on Brazil's domestic demand outlook.