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.
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