As previously reported, BofA/Merrill analyst Mario Perry double-downgraded Banco Macro (BMA) to Underperform from Buy and cut Grupo Supervielle (SUPV) to Underperform from Neutral, also lowering their price targets to $25 from $90 and to $2 from $9 respectively. The analyst notes that the visibility on Argentine banks remains "blurry" amid compressing net interest margins, negative real loan growth, and potentially deteriorating asset quality. Perry adds that as banks implement "hyperinflation accounting" next year, the securities will no longer be in a "sweet spot" as country risk rises, non-interest expenses grow, and return on equity becomes sustainably lower.