RIO DE JANEIRO, BRAZIL - JP Morgan reiterated its recommendation of overweight (above market average performance) for Brazil and signaled that the country is among the best countries to invest in Latin America in 2020. Only Colombia was likewise recommended in the region.

"The December rally produced higher valuations, but also renewed optimism with a good idiosyncratic story that would work well from a better global perspective and a stronger macro environment," said strategist Emy Shayo Cherman in a report.

According to the bank, the 2020 drivers are a continuation of those that guided Brazil in 2019: reforms, higher growth, and . . .

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