BofA analyst Ernesto Gabilondo downgraded Bancolombia to Neutral from Buy with a $27 price target. Despite an "attractive valuation," Bancolombia is poised for "modest earnings growth" in the next years as the bank’s NIM will be under pressure in a lower interest rate environment, the analyst tells investors. The firm also reduced its price objective by 30% to reflect a higher country risk after President Gustavo Petro sacked eight ministers in Colombia.
Published first on TheFly
