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Bank of America has elevated Itau Unibanco Holdings S.A.’s stock (NYSE:ITUB) from Neutral to Buy in a recent appraisal, asserting its status as a flagship holding in the banking sector.
The Brazilian lender stands out from its peers in terms of technology (cloud) and its approach to serving high-income retail clients and small and midsize enterprise, according to BofA’s note.
Furthermore, the company’s sturdy balance sheet is expected to facilitate significant dividend payments in 2024, as per BofA’s assessment.
The Buy rating from BofA aligns with the SA Quant system’s Buy rating but differs from the average sell-side analyst rating of Hold.
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