Grupo Cibest upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Grupo Cibest (CIB) to Neutral from Sell with a price target of $69, up from $49. The stock’s valuation “appears balanced” given the bank’s better capital allocation, the analyst tells investors in a research note. Goldman believes Cibest’s return on equity can be higher after the sale of Banistmo, with additional support from higher than expected policy rates in the mid-term.