Goldman Sachs upgraded Santander Brasil (BSBR) to Neutral from Sell with a price target of $4.70, up from $4.20. The firm sees the bank’s return on equity remaining stable at 17% in 2025 and 2026. Santander Brasil’s loan growth should remain below peers, consistent with its more conservative strategy in recent years, but the bank recorded strong client net interest margin expansion in Q4, partly due to higher liability margin, which could support margins in the short-term, the analyst tells investors in a research note.
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