JPMorgan upgraded Banco Macro (BMA) to Overweight from Neutral with a price target of $79, down from $89. The firm has moved to a “more defensive stance” on the Argentine banks ahead of this weekend’s elections. JPMorgan likes Banco Macr’s higher capital position, with a 30% CET1 ratio versus Galicia at 23% and Supervielle at 14%, and its reduced exposure to consumer loans.
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