From: News Alert (BLOOMBERG/ 731 LEX G) At: 12/06/17 12:07:36
To: Latin Securities Sa Agente De Valores (LATIN SECURITIES SA )
Subject: Banco Macro Gains After Santander Upgrades on Loan Growth Ests.
Banco Macro Gains After Santander Upgrades on Loan Growth Ests.
(Bloomberg) -- Banco Macro ADRs gain as much as 4.4% to $110.96, the highest intraday in three weeks, after Santander upgraded the stock to hold and raised its 2018 price target to $125 from $115.
Santander boosted its rating "due to upward revisions in our estimates of loan growth and interest margins in the short term," analyst Walter Chiarvesio writes in note
After recent underperformance "due to events unrelated to the bank’s operating performance, we reached sufficient upside potential to justify an upgrade"
Stock may continue to be volatile amid investigation of former chairman Jorge Brito
Bradesco BBI also initiated BMA at neutral, PT $113
"BMA’s strong capitalization provides clear room for organic expansion, providing unique firepower for inorganic expansion," analyst Rafael Frade writes in note
BMA has 4 buys, 10 holds, 1 sell; average PT $115 implies 5% return potential: Bloomberg data
NOTE: Earlier, Banco Macro ADRs Upgraded to Hold at Santander; PT $125
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Alert: FIRST WORD ADRS
Source: BFW (Bloomberg First Word)
BMA AR (Banco Macro SA)
Jorge Horacio Brito (Banco Macro SA)
Rafael Berger Frade (Bradesco BBI SA)
Walter Chiarvesio (Banco Santander SA)
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