Inter&Co upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Tito Labarta upgraded Inter&Co (INTR) to Buy from Neutral with a price target of $4.20, down from $4.60. The analyst’s more constructive stance is based on the company’s increased focused on profitability with a "more prudent" approach to growth and pricing, as well as its efforts to improve efficiency. Inter&Co has built one of the most complete digital platforms in Brazil, combining banking, investments, and e-commerce, the analyst tells investors in a research note. Goldman sees an attractive valuation at current share levels but continues to prefer top pick Nu Holdings (NU) in the Brazil financial services space.