Zacks Investment Research upgraded shares of Companhia Brasileira de Distribuicao (NYSE:CBD) from a hold rating to a buy rating in a report published on Friday. They currently have $27.00 price target on the stock.

According to Zacks, “Estimates have been rising since CBD reported improved second quarter 2017 sales, driven by strong improvement in Extra Hiper markets and consistent growth at Assai. However, the reported quarter’s growth was lower than the preceding quarter’s growth. Nevertheless, shares of the company have outperformed the industry over the last three months. Strong customer traffic expansion and increase in sales volume, offsetting the effect of the slowdown in food inflation. Further, higher gross margins and a decline in selling, general and administrative expenses at Multivarejo boosted EBITDA margin. We are encouraged by company’s operating efficiency and productivity projects. Store openings and conversion of Extra Hiper stores to Assai is also boosting sales and will help accelerate the expansion of GPA’s cash-and-carry banner into new cities across Brazil. However, challenging economic scenario in Brazil remains a concern.”

Separately, BidaskClub raised shares of Companhia Brasileira de Distribuicao from a hold rating to a buy rating in a research note on Wednesday, July 12th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $27.00.

Companhia Brasileira de Distribuicao (CBD) opened at 24.43 on Friday. The firm has a market cap of $6.50 billion, a price-to-earnings ratio of 153.65 and a beta of 1.84. The stock’s 50 day moving average is $23.21 and its 200-day moving average is $20.90. Companhia Brasileira de Distribuicao has a one year low of $14.08 and a one year high of $24.75.

ILLEGAL ACTIVITY WARNING: “Zacks Investment Research Upgrades Companhia Brasileira de Distribuicao (CBD) to “Buy”” was originally reported by Daily Political and is the sole property of of Daily Political. If you are viewing this piece on another site, it was copied illegally and reposted in violation of US & international trademark and copyright legislation. The legal version of this piece can be read at https://www.dailypolitical.com/2017/09/11/zacks-investment-research-upgrades-companhia-brasileira-de-distribuicao-cbd-to-buy.html.

Several institutional investors have recently made changes to their positions in the company. Lord Abbett & CO. LLC purchased a new stake in shares of Companhia Brasileira de Distribuicao in the 2nd quarter valued at $8,809,000. Banco BTG Pactual S.A. purchased a new stake in shares of Companhia Brasileira de Distribuicao in the 2nd quarter valued at $2,917,000. Dynamic Technology Lab Private Ltd boosted its stake in shares of Companhia Brasileira de Distribuicao by 16.3% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 25,393 shares of the company’s stock valued at $496,000 after purchasing an additional 3,557 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Companhia Brasileira de Distribuicao in the 2nd quarter valued at $231,000. Finally, Boston Common Asset Management LLC boosted its stake in shares of Companhia Brasileira de Distribuicao by 17.1% in the 2nd quarter. Boston Common Asset Management LLC now owns 18,800 shares of the company’s stock valued at $368,000 after purchasing an additional 2,750 shares in the last quarter. 3.50% of the stock is owned by institutional investors.

Companhia Brasileira de Distribuicao Company Profile

Companhia Brasileira de Distribuicao, directly or through its subsidiaries, is engaged in the retail of food, clothing, home appliances, electronics and other items through its chain of hypermarkets, supermarkets, specialized stores and department stores principally under the trade names Pao de Acucar, Minuto Pao de Acucar, Extra Hiper, Extra Super, Minimercado Extra, Assai an the neighborhood shopping mall brand Conviva.

Get a free copy of the Zacks research report on Companhia Brasileira de Distribuicao (CBD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Companhia Brasileira de Distribuicao Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Companhia Brasileira de Distribuicao and related companies with MarketBeat.com's FREE daily email newsletter.