JPMorgan analyst Domingos Falavina upgraded Santander Mexico (BSMX) to Overweight from Neutral with an unchanged price target of $9 while downgrading Santander Brasil (BSBR) to Neutral from Overweight with an unchanged price target of $12. In the last 12 months Santander Brasil outperformed Santander Mexico by 44%, Falavina tells investors in a research note. His downgrade reflects concerns with presidential elections in Brazil potentially impacting the "overall investment appetite." On the flip side, Falavina believes the elections in Mexico are already largely priced in and he sees macro data in Mexico still better than Brazil.