Goldman Sachs analyst Tito Labarta downgraded Santander Brasil (BSBR) to Sell from Neutral with a price target of R$26, down from R$28. The firm expects the bank will see relatively weaker trends relative to its Brazil bank private peers. Santander Brasil has slower loan growth than peers and there is downside risks to 2026 and 2027 net income estimates, the analyst tells investors in a research note.
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