XP Inc. downgraded to Neutral at BofA amid Brazil financial rating changes

As previously reported, BofA downgraded XP Inc. (XP) to Neutral from Buy with a price target of $16, down from $25, as the firm made a number of ratings changes among its Brazil banks and financials coverage. The firm notes its updated target multiple for XP incorporates a 15% discount to the last two-years average, reflecting the high-interest rate environment.