Banco Bradesco upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Tito Labarta upgraded Banco Bradesco to Buy from Neutral with a price target of $3.20, up from $2.50. The analyst cites the better than expected results in Q2 for the upgrade, saying an inflection in client net interest income is a positive sign. The bank is now on track to deliver return on equity at least in-line with its cost of equity in the next few quarters, as loan growth accelerates, net interest margin expands, and asset quality continues to improve, the analyst tells investors in a research note.