Zacks Investment Research upgraded shares of Companhia Brasileira de Distribuicao (NYSE:CBD) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $28.00 price objective on the stock.

According to Zacks, “Shares of CBD have outperformed the industry over the last six months. The company has been depicting strong improvement in Extra Hiper markets and consistent growth at Assai. Store openings and conversion of Extra Hiper stores to Assai has been boosting sales and aiding the company to accelerate the expansion of its cash-and-carry banner into new cities and states across Brazil. By the end of 2017, the company expects to complete 16 store conversions and open six to eight new Assai stores. We are also encouraged by the company’s operating efficiency and productivity projects. In the second quarter, higher gross margins and a decline in selling, general and administrative expenses at Multivarejo boosted EBITDA margin. However, a challenging economic scenario in Brazil results in lower demand and consumer confidence. A slowdown in consumer expenditure has also been affecting the home appliances retail sector.”

Separately, BidaskClub cut shares of Companhia Brasileira de Distribuicao from a strong-buy rating to a buy rating in a research report on Wednesday, June 14th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $28.00.

Shares of Companhia Brasileira de Distribuicao (NYSE CBD) opened at 24.64 on Tuesday. Companhia Brasileira de Distribuicao has a 52 week low of $14.08 and a 52 week high of $25.45. The company’s 50-day moving average price is $23.57 and its 200 day moving average price is $21.19. The firm has a market cap of $6.55 billion, a P/E ratio of 154.97 and a beta of 1.84.

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A number of institutional investors and hedge funds have recently modified their holdings of CBD. BT Investment Management Ltd acquired a new position in shares of Companhia Brasileira de Distribuicao during the second quarter valued at about $14,124,000. Lord Abbett & CO. LLC acquired a new position in shares of Companhia Brasileira de Distribuicao during the second quarter valued at about $8,809,000. INCA Investments LLC raised its holdings in shares of Companhia Brasileira de Distribuicao by 16.3% during the second quarter. INCA Investments LLC now owns 1,878,300 shares of the company’s stock valued at $36,721,000 after purchasing an additional 263,800 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Companhia Brasileira de Distribuicao by 210.6% during the second quarter. Goldman Sachs Group Inc. now owns 362,761 shares of the company’s stock valued at $7,092,000 after purchasing an additional 245,959 shares during the period. Finally, TCW Group Inc. acquired a new position in shares of Companhia Brasileira de Distribuicao during the first quarter valued at about $3,062,000. 3.50% of the stock is currently owned by institutional investors and hedge funds.

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.

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