The travel market in Brazil has taken longer to recover from the pandemic than in other parts of the world, but investors are warming to the idea that the worst is finally over. Shares of Azul (NYSE: AZUL), one of the nation's largest airlines, traded up as much as 5% on Monday after the stock was upgraded by UBS.

The airline industry was hit hard by the pandemic, and Latin American airlines have had more trouble than most. Azul managed to navigate the crisis without a bankruptcy filing, but the company has had trouble getting airborne as the Brazilian economy has been slow to recover.

Azul gave Wall Street a pleasant surprise last week when it reported progress working out deals with its creditors that should help it become cash-flow positive in 2024. The shares jumped more than 50% on the news, and in the days that have followed, analysts have warmed to the stock (which trades both in New York and in Brazil).

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Source Fool.com