UPDATE: JP Morgan Upgrades Banco Bradesco to Overweight on Conservative Risk Management

JP Morgan raised its rating on Banco Bradesco BBD from Neutral to Overweight while reiterating a $19 price target. JP Morgan commented, "Bradesco benefits from an improving credit and policy backdrop (though maybe less than peers), while still being able to weather a downside case scenario for credit quality better than peers. More specifically, our upgrade to an Overweight rating reflects Bradesco's conservative risk management, diversified earnings stream, recent progress in improving operating efficiency, and what we consider to be an attractive valuation at 1.8x 12 Ebv and 9.0x 13E earnings." Banco Bradesco closed at $15.24 on Thursday.