2023-09-19 18:25:20
© Reuters
SÃO PAULO (Reuters) – Shares of software company Totvs (BVMF:) were among the worst performers this Tuesday, having fallen 5% at the worst moment, to an intraday low since May.
At the end of Monday, Citi analysts sent a note to clients commenting on August data from the company’s supplier credit fund, seeing sequential improvement, but highlighting that the credit supply environment remains difficult.
According to the North American bank’s team, the credit portfolio grew 2% month on month, but still showed a 12% drop year on year, to 1.2 billion reais. The 90-day default fell from 2% to 1.9%.
“The August numbers show another sequential improvement, alleviating concerns arising from the outlook seen in June,” said Gabriel Gusan and team.
“Still, the credit supply environment appears to remain difficult, which explains why the portfolio remained unchanged for several months,” they added.
Citi has a buy recommendation for the shares, with a target price of 36 reais.
At around 1:20 pm, Totvs shares fell 4.45%, to 27.03 reais, having reached 26.85 reais at the lowest price to date (-5.03%). At the same time, Ibovespa lost 0.2%.
The day before, the shares had already closed down 4.1%, coming from a sequence of five consecutive trading sessions of highs, in which they accumulated an appreciation of 6.5%.
(By Paula Arend Laier)
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