NEW YORK ( TheStreet) -- Brazil is in the spotlight these days with the recent completion of the largest stock sale ever by energy giant Petroleo Brasileiro SA ( PBR), and there's reason to believe the country is poised for more positive headlines. Citigroup analyst Geoffrey Dennis is a believer. He's bullish on emerging markets, Brazil in particular, which he believes will see improvement in the fourth quarter driven by stronger cyclicals. He has a 2010 GDP growth forecast of 7.6% for Brazil and recently raised his 2011 forecast to an increase of 4.5% from 4%. "After trading in a range so far in the third quarter, we expect emerging markets to break out to a new high for the cycle early in the fourth quarter and so extend the new bull market," Dennis said in a recent research note. Another plus for Brazil is that Brevan Howard, the fourth largest hedge fund in Europe, recently opened an office there. Its flagship Brevan Howard Master Fund has more than $24 billion under management. The average hedge fund lost 20% in 2008, but the Master Fund, which invests in bond and currency markets, delivered 21% in 2008 and appreciated 19% last year. Brazil should also see a boost from being chosen to host the 2014 World Cup, an event that is expected to spur $20 billion worth of infrastructure spending. Emerging Global Advisors launched a Brazilian Infrastructure ETF ( BRXXX) just to capitalize on this spending. Richard Kang is the Director of Research at EG Shares and he shared with TheStreet his favorite Brazilian stocks.