Inter&Co price target lowered to $7.20 from $8.50 at JPMorgan

JPMorgan analyst Yuri Fernandes lowered the firm’s price target on Inter&Co to $7.20 from $8.50 and keeps an Overweight rating on the shares. The firm recommends buying the dip with the shares down down 24% in the last month. It updated Inter’s model to incorporate higher Selic and more conservative assumptions to reflect the more challenging macro outlook. However, the company has undergone important changes, notably active hedging strategy and products repricing, and is better positioned to navigate this cycle, the analyst tells investors in a research note.