UPDATE: HSBC Downgrades Credicorp (BAP) to Hold Citing Election Risks
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HSBC analyst Carlos Gomez-Lopez downgraded Credicorp (NYSE: BAP) from Buy to Hold with a price target of $137.00 (from $180.00).
The analyst comments "One of the attractions of the Credicorp investment thesis has been a continuity in Peru’s economic policy that was relatively unaffected by political noise. Between 2000 and 2019, GDP grew at a CAGR of 4.9%, the highest among the large Latin American countries. The current presidential election, which will be decided in the second round on 6 June, could bring about important changes in the economic framework and prospects for the country. Credicorp, as the largest bank and best proxy for the domestic market, is affected."
Shares of Credicorp closed at $127.02 yesterday.
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