HSBC analyst Carlos Gomez-Lopez upgraded Bancolombia to Buy from Hold with a COP 45,000 price target. Bancolombia should continue to deliver strong earnings through 2023 with moderation in policy risk, Gomez-Lopez tells investors in a research note. With the unsuccessful tender offers by Gilinski Group so far, the probability of a change in control at Grupo SURA and Bancolombia has also been reduced, says the analyst.
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