Cross sector relative preferences in an uncertain macro environment

Research evidence excerpt

Cross sector relative preferences in an uncertain macro environment

Equity Research

8 July 2026 | 6:04PM BRT

BRAZIL

In light of the uncertain path for Brazilian equities (hawkish FED, limited exposure to Bruno Amorim, CFA

+55(11)3371-0764 |

the AI theme, October elections), in this note we not only present our updated list of bruno.amorim@gs.com

Goldman Sachs do Brasil CTVM S.A.

preferred stocks but also highlight a few Sell-rated stocks which we think could

Irma Sgarzunderperform our preferred picks. +1(212)357-3770 | irma.sgarz@gs.com

Goldman Sachs & Co. LLC

Our preferred stocks offer long exposure for investors willing to position for a mean Marcio Farid

reversion after the recent market correction (MSCI Brazil down by 17% from the +55(11)3371-4580marcio.farid@gs.com|

highs in April 2026) and an eventual normalization in rates in the case of investors Goldman Sachs do Brasil CTVM S.A.

focused on domestic sectors (10y inflation linked bond yield near historical highs). Tito+1(212)357-6760Labarta | tito.labarta@gs.com

Most companies on this list have catalysts in the next 12 months, which could be Goldman Sachs & Co. LLC

good/bad earnings outlook or other developments we expect to impact share price Thiago Bortoluci +55(11)3372-0104 |

performance. thiago.bortoluci@gs.com Goldman Sachs do Brasil CTVM S.A.

Gustavo Miele

+55(11)3371-0834 |

gustavo.miele@gs.com

Jorel Guilloty

+55(11)3372-3522 |

jorel.guilloty@gs.com

Joao Frizo, CFA

+55(11)3372-0103 | joao.frizo@gs.com

Felipe Rached

+55(11)3371-4587 |

felipe.rached@gs.com

Tiago Binsfeld, CFA

+55(11)3371-4574 |

tiago.binsfeld@gs.com

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors