Buy rating reiterated on Brazilian stocks amid political catalysts and fiscal reforms.

The analyst reaffirms a buy rating on Brazilian equities, highlighting ETFs EWZ, FLBR, and Petrobras (PBR) as key picks. Political developments, including the influence of the Donroe Doctrine in Latin America and Brazil's upcoming presidential election, are expected to drive a rally in Brazilian stocks. Favorable fiscal reforms and high bond yields add to the investment appeal. EWZ and FLBR provide conservative exposure, while Petrobras is considered a bold choice for 2026, with political outcomes being the main risk factor.