UPDATE: JPMorgan Downgrades Banco Santander Chile (BSAC) to Neutral

JPMorgan analyst Domingos Falavina downgraded Banco Santander Chile (NYSE: BSAC) from Overweight to Neutral with a price target of $23.00.

The analyst comments "Santander Chile is the largest bank in Chile by loans (about 18% share). The bank has been focusing on growing its product offering and improving its digital channel as ways to improve efficiency and profitability. Santander Chile’s top line is sensitive to inflation, which was a large tailwind in 2021. For 2022, however, we expect a gradual deceleration on top line given the expected gradual decline in inflation throughout the year (though still high in 1H22) and higher rates potentially impacting cost of funds. Overall, after sound 2021, Chile may be the only region in LatAm where we see Y-o-Y earnings declines. This, coupled with the recent rally implying most positives are already priced-in, drive our Neutral rating."

For an analyst ratings summary and ratings history on Banco Santander Chile click here. For more ratings news on Banco Santander Chile click here.

Shares of Banco Santander Chile closed at $20.14 yesterday.

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