Goldman Sachs analyst Tito Labarta downgraded Banco Bradesco to Neutral from Buy with a $2.70 price target. The bank has lagged peers with higher nonperforming loans and lower risk-adjusted net interest margins, leading to much weaker profitability, the analyst tells investors in a research note. The firm thinks Bradesco’s return on equity will remain under pressure throughout most of 2023 and returning gradually to 17% only in 2025. It sees a "long road to recovery."
Published first on TheFly
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