Latin America Equity Research LatAm First to Market 10 June 2026 Top Stories | Traxion (Guilherme Mendes) (TRAXIONA MM, N, PT Ps14.00) Downgrading to Neutral on Lack of Momentum Despite Attractive Valuation We are revising our estimates for Traxión and downgrading the stock to Neutral from Overweight, reflecting the absence of near-term catalysts and weak earnings momentum. We acknowledge that Traxión is currently trading at a 35% discount to historical levels, at 3.1x EV/EBITDA and 8.1x P/E on a 12-month f ...