Bank of America Securities analyst Mario Pierry has maintained their neutral stance on XP stock, giving a Hold rating on November 12.
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Mario Pierry has given his Hold rating due to a combination of factors influencing XP’s financial performance. The company’s net income for the third quarter of 2025 was in line with expectations, showing a modest increase compared to previous periods. However, while there was a notable growth in gross revenues, driven by corporate and issuer services, the retail segment, which constitutes a significant portion of total revenues, experienced slower growth due to pressures on equities and a decline in fixed income revenues.
Despite the positive aspects, such as a strong capital distribution program and decent revenue generation, XP faces challenges that justify the Hold rating. The contraction in EBT margin and the high-rate environment pose ongoing challenges to earnings growth. Additionally, continued investments in the B2C segment and macroeconomic uncertainties further contribute to the cautious outlook, making the Hold rating a balanced assessment of XP’s current market position.
According to TipRanks, Pierry is a 2-star analyst with an average return of 0.6% and a 45.16% success rate. Pierry covers the Financial sector, focusing on stocks such as Nu Holdings, Itau Unibanco, and XP.
In another report released on November 12, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $21.50 price target.