Banco do Brasil SA, Latin America’s biggest lender by assets, rose after JPMorgan Chase & Co. recommended buying the stock, saying investors are overestimating the state-controlled bank’s risk.
Grupo Financiero Santander Mexico SAB, the Mexican unit of Spain’s biggest bank, had its biggest two-day slide in three months after JPMorgan Chase & Co. said earnings growth is slowing and cut its rating on the stock.
Credicorp Ltd., owner of Peru’s largest bank, may gain 32 percent by the end of the year as the Andean nation’s economy grows, according to JPMorgan Chase & Co.
Cielo SA , Brazil’s biggest card- payment processor by market value, rose to a eight-month high after first-quarter earnings beat estimates, boosting the industry’s growth prospects.
Banco Bradesco SA and Itau Unibanco Holding SA, Brazil’s largest private banks, declined after JPMorgan Chase & Co. scrapped an “overweight” rating on the stocks.
"We see the risk to reward profile as asymmetrically positive at current very depressed valuation."
- Saul Martinez on Aug 29, 2013