JP Morgan shifts Brazil transport picks: raises Rumo, cuts Localiza on political risk

JP Morgan upgraded Rumo to 'buy' and downgraded Localiza to 'neutral', citing relative performance after Flavio Bolsonaro's first-round lead. The move reflects political risk repricing in Brazil's transport sector, with Rumo seen as more insulated from potential policy shifts. Uncertainty remains over the final election outcome and its impact on sector fundamentals.