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Ultrapar Participações stock sees its fair value estimate increase to R$23.88 from R$23.10 due to a higher discount rate. Analyst BTG Pactual upgraded the company to Buy, setting a new price target of R$26, citing steady execution and growth momentum. However, caution remains regarding valuation and potential near-term risks. The Board of Directors is set to discuss internal bylaws and amendments to the Corporate Risk Management Policy.

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