UPDATE: J. Safra Upgrades CPFL Energia to Outperform on Limited Regulatory Exposure

J. Safra raised its rating on CPFL Energia

from Underperform to Outperform. J. Safra noted, "Since CPFL Energia has no expiring concessions until 2017, its exposure to regulatory risks from the MP579 is limited. Additionally, by being a private entity it is also less influenced by political elections under its management and business plans relative to its peers. Therefore, under this scenario of uncertainties and redefinitions, we believe CPFL will be better positioned in the sector to outperform its peers in 2013." CPFL Energia closed at $23.31 on Monday.