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Credit Suisse Downgrades Banco Santander to Neutral from Outperform Due to Deteriorating Outlook for Brazil

11:16AM ET 12/08/2021 MT Newswires
Credit Suisse downgraded Banco Santander (SAN) to neutral from outperform as the firm incorporates a more challenging outlook in Brazil.

In a Wednesday research report, the firm wrote that the company's outlook on foreign exchange and loan demand is currently being weighed down by political uncertainty in the country.

Credit Suisse also lowered its net income estimates for the company for 2022 and 2023, noting that 24% of the group's revenue in 2020 came from Brazil.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here:

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