BofA analyst Ernesto Gabilondo upgraded Grupo Cibest (CIB) to Neutral from Underperform with a price target of $49, up from $41, after a Q2 earnings beat. Since the new CFO arrived in September of last year, Cibest has “consistently proven” better asset quality trends and net interest margin has faced lower-than-expected pressure from loan repricing, says the analyst, who still sees soft earnings growth next year under lower rates and country risk for Colombia that remains high.
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