Santander Chile downgraded to Neutral from Buy at BofA

BofA downgraded Santander Chile (BSAC) to Neutral from Buy with a price target of $21, down from $22. The firm downgrades both Santander Chile and Credicorp (BAP) to Neutral as its estimates already assume double-digit earnings growth and sustainable ROAEs above company’s medium-term targets, but there is limited upside potential to the firm’s revised price targets for both.