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Banco Bradesco downgraded to Neutral from Buy at Goldman Sachs
The Fly

Banco Bradesco downgraded to Neutral from Buy at Goldman Sachs

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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