) with a Neutral rating and a $25. JP Morgan commented, "In our view, Ultrapar has a very attractive profile: solid earnings growth and low risk resulting from a consistent operating strategy with a focus on organic expansion, a strong market presence in each of its businesses, and a disciplined usage of capital. However, we see UGP's positives priced in as the company trades at high multiples of 10.2x EV/EBITDA and 20.5x P/E that should limit further share upside and implies a premium to its global peer's average selling at 7.9x and 17.0x for 2013, respectively." Ultrapar Participacoes closed at $20.83 on Thursday.