By Jeffrey T. Lewis

SÃO PAULO--Hapvida Participações e Investimentos SA's shares fell 2.6% to 10.13 reais, the equivalent of $1.84, and shares of Notre Dame Intermédica Participações SA declined 2.5% to 59.45 reais after Credit Suisse cut its target price for the merging health insurers.

Shares of both companies closed at 52-week lows on Jan. 5, just a few weeks after Brazilian competition authorities approved the merger of the two companies with no restrictions. Hapvida closed at 9.36 reais that day, and Intermedica closed at 55.49 reais.

Credit Suisse said Thursday that it cut its target price for Hapvida to 16.30 reais from 16.70 reais, and its target for Intermedica to 88 reais from 90 reais, because of the outlook for a possible fulfillment in coming quarters of demand that has been repressed in the health-care system during the pandemic.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

01-13-22 1231ET