BofA analyst Mario Pierry upgraded Santander Brasil to Neutral from Underperform with a price target of R$32, up from R$29. Santander Brasil’s earnings have contracted for two consecutive years, but the firm has confidence that the bank is positioned to deliver strong earnings growth in 2024, the analyst tells investors. The “sharp net income rise” the firm expects will be driven by normalization of market net interest income in a lower rate environment and from client net interest income expansion as loan growth accelerates, the analyst added.
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