Goldman Sachs Upgrades Bancolombia S.A. (CIB) to Neutral

Goldman Sachs upgraded Bancolombia S.A. (NYSE: CIB) from Sell to Neutral with a price target of $64.80.

The firm notes shares have underperformed the Colombian index by 600 bp year to date on the large equity offering. However, the firm believes the current price levels make valuation attractive compared to peers, particularly in light of the strong prospects for the Colombian economy.

For an analyst ratings summary and ratings history on Bancolombia S.A. click here. For more ratings news on Bancolombia S.A. click here.

Shares of Bancolombia S.A. closed at $62.01 yesterday, with a 52 week range of $53.56-$69.87.

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