BofA analyst Mario Pierry raised the firm’s price target on XP Inc. (XP) to $19 from $16 and keeps a Neutral rating on the shares. Net income of R$1.2B remained “relatively unchanged for a third quarter,” though it rose 20% year-over-year on easy comps, the analyst tells investors. The firm increased its target to reflect updated estimates and a higher target P/E multiple, but reiterates a Neutral rating as it waits for evidence of improving earnings momentum, the analyst added.
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