The Goldman Sachs Group Issues Pessimistic Forecast for Banco Bradesco (NYSE:BBD) Stock Price

Banco Bradesco (NYSE:BBD) had its target price cut by stock analysts at The Goldman Sachs Group from $3.20 to $2.30 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 22.34% from the stock’s current price.

Separately, JPMorgan Chase & Co. downgraded shares of Banco Bradesco from an “overweight” rating to a “neutral” rating in a research note on Monday, November 25th.

Banco Bradesco Price Performance

Shares of NYSE:BBD opened at $1.88 on Friday. Banco Bradesco has a 12 month low of $1.84 and a 12 month high of $3.36. The firm has a market capitalization of $20.01 billion, a price-to-earnings ratio of 7.23, a price-to-earnings-growth ratio of 0.32 and a beta of 0.94. The business’s 50 day simple moving average is $2.12 and its 200-day simple moving average is $2.41. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.72 and a quick ratio of 0.72.

Banco Bradesco (NYSE:BBD) last released its earnings results on Thursday, October 31st. The bank reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $9.18 billion for the quarter, compared to analyst estimates of $5.62 billion. Banco Bradesco had a net margin of 7.43% and a return on equity of 10.17%. As a group, equities analysts forecast that Banco Bradesco will post 0.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Banco Bradesco

Several institutional investors and hedge funds have recently bought and sold shares of BBD. Massachusetts Financial Services Co. MA grew its stake in shares of Banco Bradesco by 170.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 87,965,525 shares of the bank’s stock valued at $233,988,000 after buying an additional 55,444,555 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Banco Bradesco by 19.2% in the third quarter. Fisher Asset Management LLC now owns 75,833,254 shares of the bank’s stock valued at $201,716,000 after acquiring an additional 12,228,662 shares during the last quarter. Wellington Management Group LLP grew its position in Banco Bradesco by 15.1% in the third quarter. Wellington Management Group LLP now owns 47,046,779 shares of the bank’s stock worth $125,144,000 after acquiring an additional 6,171,193 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Banco Bradesco by 2.6% during the 3rd quarter. Franklin Resources Inc. now owns 44,989,586 shares of the bank’s stock worth $120,122,000 after purchasing an additional 1,139,470 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Banco Bradesco during the 3rd quarter valued at $104,542,000.

About Banco Bradesco

Banco Bradesco SA, together with its subsidiaries, provides various banking products and services to individuals, corporates, and businesses in Brazil and internationally. The company operates through two segments, Banking and Insurance. It provides current, savings, click, and salary accounts; real estate credit, vehicle financing, payroll loans, mortgage loans, microcredit, leasing, and personal and installment credit; overdraft and agribusiness loans; debit and business cards; financial and security services; consortium products; car, personal accident, dental, travel, and life insurance; investment products; pension products; foreign currency exchange services; capitalization bonds; and internet banking services.