Goldman Sachs lowered its forecast for the S&P 500 to 3,600 points from 4,300, slightly below current levels.
The revision came after the Federal Reserve indicated that interest rates would rise above market expectations, increasing the likelihood of a recession in the United States.
The rise in interest rates will punish emerging markets.
However, Brazil appears to be one of the few markets that could resist international monetary tightening.
Goldman is targeting a level of 116,000 points for the Ibovespa by the end of the year, an implied 6% appreciation from current levels.
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