 BofA analyst Murilo Freiberger downgraded Azul SA NYSE:AZUL to Underperform from Neutral and changed the price target to 20.80 implying an upside of 1.27, up from 15. Freiberger states that Brazilian airlines have done an impressive job adjusting operations, negotiating liabilities, and sustaining liquidity during the COVID crisis, but there is limited upside from current valuation levels. 