UPDATE: Bradesco BBI Assumes Itau Unibanco (ITUB) at Outperform

July 27, 2021 4:45 AM EDT
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Price: $4.22 --0%

Rating Summary:
    6 Buy, 0 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 35
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(Updated - July 27, 2021 5:19 AM EDT)

Bradesco BBI analyst Gustavo Schroden assumes coverage on Itau Unibanco (NYSE: ITUB) with a Outperform rating.

The analyst comments "We are assuming coverage of Itaú Unibanco with an Outperform rating, and as our preferred name among large-cap retail banks. Itaú Unibanco should post the highest earnings growth among large cap peers (2020-2022E CAGR of 26% vs. 20% for the banking system) and, consequently, the strongest ROE expansion in the next two years (+500bps from 2020 to 18.8% in 2022, vs. +460bps for the system to 17.1%), while its valuation also seems more attractive compared to its private-sector peers (ITUB ex-XP trading at 2022E P/E of 8.1x) vs. 9.2x for Santander Brasil. Finally, we are 3% above consensus for 2021 and 2022."

For an analyst ratings summary and ratings history on Itau Unibanco click here. For more ratings news on Itau Unibanco click here.

Shares of Itau Unibanco closed at $5.69 yesterday.


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