Santander Brasil upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Santander Brasil (BSBR) to Overweight from Neutral with a price target of $6, down from $7. The stock is down 19% year-to-date, which creates a good risk/reward, the analyst tells investors in a research note. The firm says Santander Brasil’s appears committed to moving return on equity to 20% and executed well its higher-income strategy lately.