Citi analyst Brian Flores upgraded Banco Macro to Buy from Neutral with a price target of ARS 6,000, up from ARS 2,900. The firm says that while challenges remain for the Argentina diversified banks, net interest margin and capital flexibility make it constructive. The banks remain constructive on the comeback of organic credit demand by year-end, which goes in-hand with the potential economic stabilization, the analyst tells investors in a research note.
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