Grupo Cibest downgraded to Underperform at BofA on lower rate risk

As previously reported, BofA analyst Ernesto Gabilondo downgraded Grupo Cibest (CIB) to Underperform from Neutral with a $49 price target after the shares’ strong price performance. The firm, which continues to see a challenging fiscal outlook and a tight race in the presidential election, sees risks to its 2026 net income estimates if Colombia and other Latin American countries follow the Fed’s expected interest rate cuts, the analyst tells investors, adding that it views Cibest as the most vulnerable bank among its peers under lower rates.