Javier.Martinez.Olcoz@morganstanley.comCaio.Moscardini@morganstanley.comAttractiveMORGANSTANLEYC.T.V.M.S.A.+JavierMartinezdeOlcozCerdanEQUITYANALYST+55113048-6039CaioSMoscardiniRESEARCHASSOCIATE+55113048-9629BrazilEducationServicesLatinAmericaIndustryViewWhat'sChangedFROMTOAnimaEducacao(ANIM3.SA)PriceTargetR$21.40R$20.90LaureateEducationInc(LAUR.O)PriceTargetUS$18.00US$19.00KrotonEducacional,S.A.(KROT3.SA)PriceTargetR$12.40R$12.00SerEducacionalSA(SEER3.SA)PriceTargetR$25.90R$18.00BrazilEducationServicesBrazilEducationServicesLatinAmericaLatinAmericaHowtoPlayEduPost-Secin2019?Wedonotexpectacyclicalrecoveryuntil2020,DLcompetitionintensifyingandsectorEBITDAm...