Downgrading the Moats of Brazil's Two Largest Privately Held Banks
After transferring coverage, we are downgrading the moats of Brazil’s two largest privately held banks, Itau Unibanco and Banco Bradesco, to none from narrow. In addition, we are lowering the fair value estimate of Itau to $8 per share from $9, as well as, decreasing Bradesco’s fair value to $6.50 from $7. We are growing increasingly worried about Brazil’s banking system to which we assign a poor rating. Given Brazil’s volatile political climate, we remain unconvinced the nation’s leaders will b...
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