The Point for Latin America

Research evidence excerpt

The Point for Latin America

Point |

Thursday, 16 July 2026

Top Call | Company | Industry | Global | Key Rating and Target Price Changes

Top Call

Latin America Brokers and Exchanges - 2Q26 Preview: Softer Operating Trends,

but Earnings Grow Y/Y

Capital markets activity remains subdued amid expectations of higher interest

rates in BZ, and we expect our capital markets coverage to deliver softer operating

trends this quarter. B3’s net income should be supported by gains from the

Dimensa sale and a lower effective tax rate driven by interest on equity (JCP)

payments. XP is also likely to post similar trends compared to 1Q26 and weaker

DCM activity. BMV should be a relative laggard in terms of net income, as expense

growth is expected to outpace revenue expansion.

Gustavo Schroden | Arnon Shirazi, CFA | Brian Flores, CFA

Brazil Diversified Banks - 2Q26 Playbook: Heterogeneous quarter; prefer ITUB,

BBDC, NU

We anticipate a heterogenous 2Q26 for Brazilian banks, where resiliency in a

tougher macro environment will be the key differentiator. We expect solid results

from Itaú Unibanco and Bradesco, while Nubank should see a one-off boost from

the Desenrola program. Conversely, we foresee sequential weakness for Santander

Brasil and Banco do Brasil, with the latter facing a potential guidance revision due

to deteriorating asset quality. Reflecting this divergence, we raise our target prices

for Bradesco (to R$21 from R$20) and Nubank (to US$14.5 from US$13) but lower

them for BR Partners (to R$19 from R$20) and Inter & Co (to US$6 from US$6.50).

With investor risk aversion high, we believe resilient players offer the most

compelling opportunities this earnings season.

Gustavo Schroden | Brian Flores, CFA | Arnon Shirazi, CFA

Company