Deutsche Bank Upgrades Bancolombia S.A. (CIB) to Buy
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Deutsche Bank upgraded Bancolombia S.A. (NYSE: CIB) from Hold to Buy with a price target of $47. Analyst Tito Labarta noted improving trends and the stock's discount valuation.
"We are upgrading Bancolombia to Buy on the back of good 2Q16 results. Indeed, NIM expanded much more than expected and asset quality remained under control, giving us increased confidence that the bank can improve profitability despite a weak economy. While the economy remains a concern with a large current account deficit, slowing growth, still pending peace agreement, and fiscal reform, we think management's increased focus on profitability should allow it to grow earnings at a modest pace of 5% this year and 11% next year. Furthermore, valuation is attractive at 8.3x '17E P/E, roughly 25% below Latam peers and its own historical average," said Labarta.
Shares of Bancolombia S.A. closed at $38.94 yesterday.
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