STXNEWS LATAM-JPMorgan updates estimates on Itaú with second-quarter earnings

Wed Jul 31, 2013 8:57am EDT

Analysts at JPMorgan Securities led by Saúl Martínez updated their earnings estimates for Brazilian bank Itaú Unibanco Holding SA following the lender's release of second-quarter results. JPMorgan increased its local-currency earnings estimate for 2013 by 2.4 percent to 15.066 billion reais ($6.5 billion), or the equivalent to 3.03 reais a share, from a prior estimate of 14.706 billion reais, or 2.96 reais a share. "This is mainly as a result of higher net interest income and fees," Martínez wrote in a client note on Wednesday.

For 2014, JPMorgan's estimates for Itaú rose 0.1 percent to 16.336 billion reais, or 3.29 reais per share, from a prior 16.313 billion reais, or 3.28 reais a share. The analysts maintained the "overweight" recommendation on preferred shares of Itaú and the 2013 year-end price target of 34 reais per share, or $15 per U.S. traded share.

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