Multiplus SA, the frequent-flier unit of Latam Airlines Group SA (LFL)’s Brazil subsidiary, rallied after the stock was raised to the equivalent of a buy at Raymond James & Associates Inc. on a stronger U.S. dollar.

Shares advanced 3.1 percent to 47.41 reais at the close in Sao Paulo. The benchmark Bovespa index gained 1.2 percent.

“A stronger U.S. dollar is a positive driver for Multiplus,” Daniela Bretthauer and Claudia Guimaraes, analysts at Raymond James in Sao Paulo, wrote in a research note yesterday. “The point price sold to financial partners is determined in dollars,” they wrote, referring to sales of frequent-flier mileage points to Brazil’s largest banks and credit card companies.

The dollar rallied 8.4 percent versus the Brazilian real this year. Multiplus gained 47 percent during the same period, while the Bovespa slid 3.8 percent.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net