B of A Securities Downgrades Cia Energetica DE Minas: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
B of A Securities has downgraded Cia Energetica DE Minas (NYSE:CIG) from its previous rating to Neutral, adjusting the price target from $3.20 to $2.60. CIG's shares have fallen 3.95% in the last 24 hours to $2.19. The new price target suggests an 18.72% upside potential. Cia Energetica DE Minas is a Brazilian power company with operations in Brazil and Chile, generating revenue mainly from electricity sales.
November 24, 2023 | 5:00 pm
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B of A Securities downgraded Cia Energetica DE Minas to Neutral and lowered the price target from $3.20 to $2.60. The stock has recently declined by 3.95%, trading at $2.19.
The downgrade by B of A Securities is a direct negative sentiment towards CIG's stock, likely leading to a short-term negative impact on the share price. The reduction in the price target further reinforces the bearish outlook, although the new target still suggests an upside from the current trading price. The recent 3.95% decline in share price reflects the market's reaction to the downgrade.
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