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Credicorp upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Credicorp (BAP) to Neutral from Sell with a price target of $225, up from $174, implying 2% downside from current levels. The firm sees an improved macro backdrop and stronger growth in the company’s subsidiaries driving more resilient profitability. The credit cycle in Peru seems to have peaked and asset quality should continue to improve, the analyst tells investors in a research note.

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