By Cecília Mayrink São Paulo, 11/17/2025 - BB-Investimentos changed the recommendation for Rumo's shares from Buy to Neutral, with a target price of R$ 20.00 by the end of 2026, a potential increase of 21.06% compared to the closing price on Friday. The firm evaluates the company as well positioned in terms of diversification of transported products, cost/expense control, and future capacity increase, as the expansion in Mato Grosso progresses. However, the unfavorable competitive environment causes greater pressure on the company's tariffs and market share, which, together with the third-quarter result of 2025, led BB-BI to downgrade its recommendation. In a report, analyst Luan Calimério points out that Rumo presented a mostly negative balance, with an 8% growth in total transported volume compared to the previous year and a 6.3% drop in the average tariff, which led to a net revenue of R$ 3.8 billion. As the main negative ...