Morgan Stanley just turned bullish on Brazilian stocks.
It raised Brazil to “overweight,” its most constructive rating.
Base case: the Ibovespa at 240,000, about +31% in reais by mid-2027.
Falling interest rates could channel tens of billions into local stocks.
One event decides it all: the October 4, 2026 election.
The same setup carries a bear case, a drop of about 42%.