Bradesco BBI Starts XP Inc. (XP) at Neutral

June 18, 2021 3:16 AM EDT
Get Alerts XP Hot Sheet
Price: $45.58 --0%

Rating Summary:
    4 Buy, 4 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 21 | New: 44
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Bradesco BBI analyst Otavio Tanganelli initiates coverage on XP Inc. (NASDAQ: XP) with a Neutral rating and a price target of $59.00.

The analyst comments "Initiating coverage on XP Inc. with an Outperform rating and a US $59 TP YE22, implying 28% upside from current levels. XP is a leading investment platform that provides financial products and services in Brazil.
We believe XP’s earnings momentum should remain strong in the coming years, in light of the favorable market tailwinds and it is our preferred pick in the investment platforms space, due to its scale, growth potential, and
profitability. XP is exposed to the high-growth retail investment segment in Brazil that has been expanding significantly
in recent years – attributable to greater financial education and a low interest rate environment, which have both led
investors to search for more sophisticated investment products. The retail market has grown at 12% CAGR in the
past 5 years and we expect this to accelerate to 13-14% in the next 5 years on the back of greater financial deepening."

For an analyst ratings summary and ratings history on XP Inc. click here. For more ratings news on XP Inc. click here.

Shares of XP Inc. closed at $45.96 yesterday.

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