XP Inc. downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Jorge Kuri downgraded XP Inc. to Equal Weight from Overweight with a price target of $24, down from $31. The stock has corrected and the company’s long-term attractive story remains in place, but higher-for-longer interest rates and a slower business momentum are unlikely to drive outperformance for XP, the analyst tells investors in a research note.