Citi downgraded Banco do Brasil (BDORY) to Neutral from Buy with a price target of R$25, down from R$34. Brazilian banks have delivered strong earnings growth in recent quarters, but going forward, the combination of tougher macro conditions and an extended credit cycle could translate into “potential lukewarm revisions” in 2025 estimates, the analyst tells investors in a research note. Citi sees a challenging setup and says most profitability levers have already explored, leaving marginal room to improve profitability.
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