Solar energy grows in Brazil; WEG is well positioned to capture gains – BofA

The U.S. bank reiterated its buy recommendation for WEGE3, with a target price of R$48 (US$9.23).

RIO DE JANEIRO, BRAZIL - In the search for new energy alternatives in Brazil amid the water crisis, the solar energy segment is gaining traction in the country and companies
like WEG (WEGE3) are well positioned to capture this expansion wave. The assessment is from Bank of America (BofA).

In a report published on Wednesday, July 21, BofA highlights that installed solar capacity in Brazil increased 55% in the first half of 2021 on a year-on-year comparison, and that the solar division has been one of WEG's fastest-growing businesses in recent years, with a compound annual growth . . .

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