UPDATE: JP Morgan Upgrades Banco Latinoamericano Comerc Exterior to Overweight on Outlook, Valuation

JP Morgan raises its rating on Banco Latinoamericano Comerc Exterior BLX from Neural to Overweight and raises its price target from $24 to $27. JP Morgan says, "Five reasons for the upgrade: 1) increasing earnings and profitability forecasts given growing exposure to higher yielding middle market borrowers and lesser competition; 2) its funding has become more resilient to exogenous shocks; 3) potential positive catalyst in the unwinding or exiting of hedge fund; 4) growing dividends have led to an ample yield; and 5) an attractive valuation." BLX closed at $19.67 on Thursday.