Deutsche Bank Upgrades Bradesco (BBD) Buy, Making it 'Top Pick' in The Sector

September 4, 2009 7:37 AM EDT

Deutsche Bank upgrades Bradesco (NYSE: BBD) Buy, making it 'Top Pick' in the sector.

Deutsche analyst says, "Following a weak 1H09 we think operating trends will begin to improve by the end of the year, and lead to strong recurring earnings growth of 20% in '10, following a 12% decline in '09. Earnings growth should be driven by strong loan expansion and asset quality improvement, partly offset by NIM compression and lower Treasury gains. In this report, we revise our earnings estimates for '10 and introduce '11 estimates. We also roll-over PTs to year-end '10...Given limited surprises in 2Q09, we maintained our full year ‘09 estimates relatively unchanged."

To see more analyst ratings on BBD Click Here.

Banco Bradesco S.A. provides a range of banking and financial products and services to individuals, small to mid-sized companies, and local and international corporations and institutions.

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