UPDATE: Credit Suisse Upgrades Banco Santander Brasil SA to Neutral on Operational Expense Improvements

Credit Suisse upgraded Banco Santander Brasil SA

from Underperform to Neutral. Credit Suisse analyst M. Telles noted, "We are raising Santander Brasil to Neutral on the back of significant improvements we are attributing to operating expenses, following the bank's initiatives to increase focus on cost control. Headcount in '12 declined slightly (-1%), but we believe the bank has room to be more aggressive in '13. In addition, operating outlook has become a little less challenging with reduced government pressure, reducing the downside risk potential." Banco Santander Brasil SA closed at $7.65 on Thursday.