Citi downgraded Inter&Co to Neutral from Buy with a price target of $6, down from $6.30. Following Q4 results, the firm is increasing its FY24 and FY25 earnings estimates by 2% and 5%, respectively, but argues that improving profitability is “well priced by now.” A further re-rating demands continuous improvement in profitability for 2025, which the firm sees as “likely,” but adds that it should “only become clearer over the year.”
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