Banco Bradesco upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Banco Bradesco to Neutral from Sell with an unchanged price target of $2.80. The stock has de-rated significantly post Q4 earnings and management’s announcement of guidance and a five-year strategic plan improve earnings forecast visibility, although execution remains a question mark, the analyst tells investors in a research note. The firm believes downside risks are likely priced into Bradesco shares.