Deutsche Bank Downgrades Credicorp (BAP) to Hold; Increasing Uncertainty Around Elections

Deutsche Bank downgraded Credicorp (NYSE: BAP) from Buy to Hold. PT lowered to $112.

Deutsche analyst says, "According to the latest Ipsos/Apoyo poll, Ollanta Humala is leading in the polls with 42% of the voters' preferences, vs. 36% for Keiko Fujimori, 10% undecided, and 12% leaving the ballot blank. We think country risk is likely to remain at elevated levels, given increased potential for dramatic political change. As such, we are reducing our PT to $112, assuming a country risk of 200bps (just above the one-month average of 190bps) and downgrading the stock."

For more ratings news on Credicorp click here and for the rating history of Credicorp click here.

Shares of Credicorp closed at $92.83 yesterday.

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