Citi analyst Brian Flores downgraded Grupo Financiero Galicia to Neutral from Buy with a price target of ARS 1,750, up from ARS 1,535. The path to macro stabilization in Argentina is not likely to be easy or in a straight line, and Citi anticipates a challenging first half of 2024 for the banks, the analyst tells investors in a research note. The firm downgrades the shares following the recent rally.
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