Itau Unibanco Holding SA last = 37 BRL 1w: +2 (5.7%)
% vs. spot / Price1M6M12MLT(2Y)LT(3Y)
Target Price (consensus)-1.9%-5.6%---
Upside (Bull Case)0.7%2%---
Downside (Bear Case)-3.3%-9.8%---

In general I am negative regarding Brazilian banking at least in short/middle term. The key reason is macroeconomic: expected NII decreasing due to current monetary easing (and, as consequences, reduction in credit spreads). On the other, I am not bearish regarding Itau because it makes significant efforts in reducing costs, making opportunistic acquisitions, growing fee businesses, improving the digital channel, and de-risking its loan portfolio.