STXNEWS LATAM-BofA cuts Santander Brasil to 'underperform'
Analysts at Bank of America Merrill Lynch trimmed their recommendation on units in Banco Santander Brasil SA to "underperform" from "neutral," and cut the price target to 15 reais from 18 reais previously. In a report, a team of analysts led by Jorg Friedemann also slashed the estimates for earnings per unit for this and next year by 9 percent and 14 percent, respectively.
Units are a blend of common and preferred shares of Santander Brasil, the nation's largest foreign lender. The decision follows concern that delinquencies at the bank will not ease as quick as expected and a decline in borrowing costs in Brazil will weigh down on revenue for the coming two years.
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