|Bid||10.05 x 42300|
|Ask||10.06 x 1000|
|Day's Range||9.97 - 10.06|
|52 Week Range||5.42 - 10.55|
|Beta (3Y Monthly)||0.03|
|PE Ratio (TTM)||14.34|
|Forward Dividend & Yield||0.06 (0.58%)|
|1y Target Est||9.60|
(Bloomberg) -- Brazilian stocks have extended their year-to-date gain to about 20% on renewed optimism that Latin America’s largest economy will finally overhaul its heavily indebted social security system. But the rally that has pushed the market to record highs still may have some juice left.The benchmark Ibovespa index may climb 11% from current levels to about 115,000 by the end of 2019, according to the average forecast of 10 strategists surveyed by Bloomberg. Their targets range from 105,000 to 123,000, implying an increase of as much as 18%. That would mark the fourth year of double-digit gains for Brazilian stocks.Reforming pensions should allow Brazil’s central bank to reduce the benchmark interest rate below the current, historically low 6.5%, pushing more funds into the local stock market, strategists say. While the domestic swap rates curve is pricing in an easing cycle of 108 basis point until the end of the year, some of the nation’s fund managers and economists see room for the Selic rate to reach 5%.“A strong fiscal anchor will likely open room for deeper interest rate cuts,” Bradesco BBI analysts led by Andre Carvalho wrote in a July 10 report, raising their target for the Ibovespa to 122,000 from 116,000. “Low interest rates should help boost the capital markets and M&A activities, as well as reduce financial expenses and increase the attractiveness of bond-like stocks,” Carvalho said.Bank of America has reiterated its overweight rating for Brazilian stocks in its Latin American portfolio, seeing the Ibovespa at 120,000 in the end of this year. “Flows into equities should keep supporting the market,” BofA’s Latin America equity strategist David Beker wrote in a note.Passing pension reform is also expected to unlock a long-awaited rebound in Brazil’s economy. Since the beginning of the year, economists have been lowering their estimates for gross domestic product in 2019, as doubts about the country’s fiscal outlook have kept investments on hold.Here’s a list of strategists’ top picks in Brazil:Bradesco BBIBanco do Brasil SA, Itau Unibanco Holding SA, B3 SA, CVC Brasil Operadora e Agencia de Viagens SA, Lojas Renner SA, Energisa SA, Cia de Saneamento Basico do Estado de Sao Paulo, Vale SA, Gerdau SA and Petroleo Brasileiro SABTG PactualPetroleo Brasileiro SA, Localiza Rent a Car SA, Banco Bradesco SA, Lojas Renner SA, Rumo SA, Cosan SA, Oi SA, Ambev SA, JBS S and Totvs SAItau BBABanco do Brasil SA, Banco Bradesco SA, Cyrela Brazil Realty SA, Cia de Saneamento de Minas Gerais, Kroton Educacional SA, Rumo SA, Petroleo Brasileiro SA, Multiplan Empreendimentos Imobiliarios SA, Vale SA and Azul SAJPMorganBanco Bradesco SA, IRB Brasil Resseguros, Cia Brasileira de Distribuicao, Vale SA, Petroleo Brasileiro SA, Rumo SA, Randon SA and Cyrela Brazil Realty SASafraItau Unibanco Holding SA, Banco Bradesco SA, Banco do Estado do Rio Grande do Sul SA, Banco do Brasil SA, B3 SA, Cia Brasileira de Distribuicao, Localiza Rent a Car SA, Vale SA, Bradespar SA, Cia Siderurgica Nacional SA, Petrobras Distribuidora SA, Telefonica Brasil SA, Rumo SA, Energisa SA and EZ Tec Empreendimentos e Participacoes SATo contact the reporter on this story: Vinícius Andrade in São Paulo at email@example.comTo contact the editors responsible for this story: Brad Olesen at firstname.lastname@example.org, Scott Schnipper, Richard RichtmyerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Brazilian digital lender Banco Inter SA has hired the investment banking units of JPMorgan Chase & Co, Banco BTG Pactual, Banco Bradesco SA, Goldman Sachs and Banco Santander Brasil to manage a 1 billion-reais ($263 million) share offering, one source with knowledge of the matter said. The bank announced on Thursday that its board had approved a program to list units comprised of one common share and two preferred shares. Currently, only preferred shares in Banco Inter are listed.
Brazil's state-controlled bank Caixa Economica Federal SA is challenging a decision by corruption-ensnared conglomerate Odebrecht SA to include one of its units' foreign bondholders in its bankruptcy protection filing, according to a document filed in the court case. Among the 21 Odebrecht affiliates that filed for the bankruptcy proceeding two weeks ago was Odebrecht Finance, the issuer of $3 billion in bonds guaranteed by the group's construction unit OEC. Caixa said in the document, filed late on Monday, that Odebrecht's move to include those bondholders in the bankruptcy case was designed to reduce the voting power of other creditors.
NCR's impending purchase of a minority stake in Bradesco's assets within NCR Manaus will complement its efforts to expand foothold in Brazil.
Odebrecht SA's failure to sell its controlling stake in petrochemical company Braskem SA to LyondellBasell Industries NV and lack of cash are complicating the task of restructuring 80 billion reais ($20.67 billion) in debt owed by the corruption-ensnared conglomerate, three sources with knowledge of the matter said. The conglomerate was counting on Braskem dividends to service its debt. LyondellBasell said on Tuesday it ended talks with Odebrecht SA to buy Braskem "after careful consideration" but did not elaborate further.
Brazilian prosecutors are considering a civil lawsuit against Banco Bradesco SA , as they believe the country's second-largest private-sector bank may have failed to prevent corruption schemes, Valor Econômico ...
Prosecutors in Brazil criticized compliance standards at Brazilian bank Banco Bradesco SA on Tuesday, after requesting that a federal court issue an arrest warrant for two branch managers allegedly involved in a vast money laundering scheme. In a statement, federal prosecutors in Rio de Janeiro asked for the temporary jailing of Tânia Maria Aragão de Souza Fonseca and Robson Luiz Cunha Silva, both bank managers in the city.
Banco Bradesco SA has embarked on its first-ever international acquisition by paying approximately $500 million to buy BAC Florida Bank , which focuses on high-net-worth individuals in a move intended to close the gap with Brazilian rivals. Based in Coral Gables, BAC Florida is controlled by Grupo Pellas, which was founded in 1877 in Nicaragua. After the deal closes, Bradesco said its main goal is to provide a wide range of financial services in the United States to Bradesco clients and lure new customers to BAC Florida.
Transaction Allows Expansion of Its Business to High Net Worth and Affluent Clients in The U.S. SAO PAULO , May 6, 2019 /PRNewswire/ -- Bradesco announces its entry into an agreement to acquire BAC Florida ...
Brazil's antitrust watchdog CADE opened an investigation into Banco Bradesco SA for anti-competitive practices against financial startup Guiabolso, according to a CADE statement on Tuesday. The watchdog ...
SAO PAULO , April 30, 2019 /PRNewswire/ -- Banco Bradesco S.A. (B3: BBDC3, BBDC4; NYSE: BBD, BBDO and Latibex: XBBDC) informs that its Form 20-F for 2018 was filed with the United States Securities and ...