Citi downgraded Grupo Aval (AVAL) to Neutral from Buy with a price target of COP 850, down from COP 900 as part of a broader research note previewing Q4 for Colombia diversified banks. The firm sees a “more balanced” risk-reward environment in Colombia, with higher wages spurring a hawkish monetary cycle that supports net interest margin expansion being balanced by the recently approved emergency degree that brought a 15-percentage-point surcharge for banks in 2026, the analyst tells investors in a research note.
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