The Point for Latin America

研报英文原文证据摘录

The Point for Latin America

Point |

Monday, 20 July 2026

Top Call | Company | Industry | Global | Key Rating and Target Price Changes

Top Call

GAP Airports (GAPB.MX) - Trimming 2026YE TP to P$430/share but upgrading

to Buy

GAPB stock remains under pressure due to weak traffic dynamics, with relatively

limited visibility into the 2H26 traffic outlook. We have seen a 23% decline in the

stock price from recent highs, and valuation is starting to look attractive relative to

its own history, although it still trades at a premium to Mexican peers, which we

still think is deserved. For further details, please see Quality is pricey. We lower our

2026YE target price to P$430 from P$460 and upgrade our rating to Buy from

Neutral as under our base case 2027 should benefit from easy comps and market

recovery.

Andrés Cardona | Filipe Nielsen

Vista Energy SAB de CV (VIST.N) - Trimming TP to $91 on lower oil price

assumptions; Buy rating maintained

Vista remains a growth case with our forecast pointing to 250kboed by 2030

(~16% 2025–30 CAGR), with potential upside risk coming from the eventual

approval of RIGI for Bandurria Norte, Aguada Federal (operated), and BdT with

YPF, as it could front-load its capex and production profile. Inorganic growth

remains an option, while we remain attentive to Vista potentially bidding in the

next Neuquen round happening by December.

Andrés Cardona | Gabriel Barra

Company

Banco do Brasil (BBAS3.SA) - A Glimmer of Hope?

The government issued MP 1,376/26 establishing a framework to restructure rural

debt for producers affected by adverse climate events and financial distress. The

measure authorizes the creation of a new credit line that can be used to refinance

or amortize existing rural loans and CPRs, while also allowing the federal