Banco Macro initiated with a Buy at UBS

UBS initiated coverage of Banco Macro (BMA) with a Buy rating and $130 price target The firm believes the Argentine banking sector is at an “inflection point” after years of inflation, tight capital controls, and negative real interest rates. UBS is taking a “somewhat conservative approach” on the group, putting its only Buy rating on Banco Macro due to its better capital position, “resilient” franchise and potentially lower credit quality risk.