Credit Suisse Group strategists led by Andrew Garthwaite kept their "neutral" recommendation on Brazil's stock market as still-high consumer debt ratios, an overvalued currency and growing state intervention with protectionist moves in some sectors are likely to hamper performance and perception. Garthwaite and his team also mentioned as reasons the end of an interest-rate cutting cycle and a difficult environment for banks and utilities.
Still, the strategists reckon that growth will be stronger in the coming quarters and that the government will not allow the currency to rise from current levels. According to Garthwaite, Credit Suisse's preferred sectors in the country currently include real estate, industrials, healthcare and infrastructure.
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