In a report released yesterday, Jorge Kuri from Morgan Stanley reiterated a Buy rating on XP, with a price target of $26.00.
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Jorge Kuri’s rating is based on XP’s strong financial performance and positive market indicators. The company’s net income for the third quarter of 2025 exceeded both consensus and Morgan Stanley’s estimates, showing a year-over-year growth of 12%. This positive performance was further highlighted by retail net inflows, which surpassed expectations by 30%, and strong results in corporate and issuer services, which were 25% above consensus.
Despite some areas falling short, such as retail revenue and operating expenses, the overall outlook remains promising. Management’s reaffirmation of retail net inflow guidance and the potential to meet the lower end of 2026 targets adds confidence. The combination of these factors leads to an optimistic view on XP’s future performance, supporting the Buy rating.