Brazil · MarketsKey Facts Double downgrade — Morgan Stanley moved CSED3 from buy to sell in one step on 7 August 2026. The Cruzeiro do Sul double downgrade by Morgan Stanley on 7 August 2026 sent CSED3 shares lower, but the reasoning behind it reveals deeper strains in Brazil’s for-profit education sector. What Cruzeiro do Sul Actually DoesCruzeiro do Sul Educacional is one of Brazil’s largest for-profit higher education groups. In its latest quarterly report, the company posted net income of R$61.48 million (US$12.04 million), revenue of R$701.96 million (US$137.44 million), and EBITDA of R$166.30 million (US$32.56 million), according to Investing.com. Why did Morgan Stanley downgrade Cruzeiro do Sul?