Grupo Financiero Galicia initiated with a Neutral at UBS

UBS initiated coverage of Grupo Financiero Galicia (GGAL) with a Neutral rating and $60 price target The firm believes the Argentine banking sector is at an “inflection point” after years of inflation, tight capital controls, and negative real interest rates. UBS is taking a “somewhat conservative approach” on the group, putting its only Buy rating on Banco Macro due to its better capital position, “resilient” franchise and potentially lower credit quality risk.