JPMorgan analyst Yuri Fernandes upgraded Credicorp to Overweight from Neutral with a price target of $190, up from $162. Other leading franchises in the region like Banorte and Itau have outperformed Credicorp year-to-date by 39%-41%, creating an attractive valuation for Credicorp, the analyst tells investors in a research note. The firm believes the company will emerge stronger from this cycle as its digital initiatives, notably Yape, are getting closer to breakeven.
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