XP Inc. initiated with a Buy at Jefferies

Jefferies initiated coverage of XP Inc. (XP) with a Buy rating and $22 price target XP is a broker democratizing investments in Brazil, the analyst tells investors in a research note. The firm says the company has a “very strong” competitive position in Brazil’s wealth management market. XP’s return on equity is 26% and it has a “dominant” position in distribution channel, contends Jefferies.