Analysts at UBS Securities led by Phillip Finch cut 2013 profit estimates for the largest Brazilian banks by an average 2 percent, citing slowing economic growth, heightening competition, unfavorable earnings momentum and valuations that fail to reflect growing risks. UBS has an "underweight" recommendation on Latin American banks, especially because of Brazil and in spite of its positive view on Mexican lenders and a "neutral" stance on Andean region peers.
Among non-bank financial companies, UBS has a "neutral" recommendation with a preference for companies with limited competitive pressure such as financial exchange operator BM&FBovespa SA. UBS' least-preferred Latin American bank is state-run Banco do Brasil SA, while private sector rival Itaú Unibanco Holding SA remains the shop's only "buy"-rated bank in Brazil.
BRIEF-Iberian Minerals Ltd posts net income of $7.7 mln in three months ending March 31
* Iberian Minerals Ltd says in three months ending March 31, 2017 company posted net income of $7.7 million Source text for Eikon: Further company coverage:
BRIEF-Magal Security Systems Q1 loss per share $0.16
* Magal security systems ltd. Reports first quarter 2017 financial results