Goldman Sachs analyst Irma Sgarz upgraded Companhia Brasileira de Distribuicao to Buy from Neutral, noting that Brazilian retail stocks the firm covers are down an average of 4% in the last month on data pointing to a slower-than-expected macro recovery and investors' increasing focus on political uncertainty. Sgarz has a positive view on Brazilian food retailers in general, and on Companhia Brasileira de Distribuicao in particular the analyst cites expectations for food inflation to gradually inflect and the company's "promising" initiatives across formats. Sgarz set a R$91 price target on the stock.