Zacks Investment Research upgraded shares of Itau Unibanco Holding S.A. – ADR (ITUB) from NEUTRAL to OUTPERFORM on January 06, 2014, with a target price of $15.00.
We have upgraded our recommendation on Itau Unibanco to Outperform from Neutral based on its organic growth aided by huge deposit base coupled with elevated loans level and diversifying efforts in the recovering economy. Further, the company's recurring earnings in third-quarter 2013 were up sequentially. Moreover, higher operating revenues reflected elevated banking service fees, income from banking charges, and a rise in the managerial financial margin. However, non-interest expenses increased, reflecting undisciplined expense management. We believe the company's diversified product mix, increasing operating revenues and expanded credit portfolio are encouraging. Additionally, improving asset quality remains a positive catalyst for Itau Unibanco.
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