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BBAR

BBVA

$5.56

-6.49 (-53.86%)

, GGAL

Grupo Financiero

$17.88

-20.28 (-53.14%)

12:05
08/12/19
08/12
12:05
08/12/19
12:05

Morgan Stanley double downgrades four Argentina banks after election surprise

As previously reported, Morgan Stanley analyst Jorge Kuri downgraded BBVA (BBAR), Grupo Financiero (GGAL), Banco Macro (BMA) and Grupo Supervielle (SUPV), all to Underweight from Overweight, after the primaries in Argentina, where the incumbents lost by a very wide margin. He thinks the "surprising results" raise uncertainty to a level where he no longer views the risk-reward as attractive on the bank stocks, Kuri told investors. He had previously been comfortable with his Overweight ratings on the four financial institutions' stocks despite the fact they had rallied 43% year-to-date, but now sees it as unclear how things could evolve without the incumbent administration in office, added the analyst.

BBAR

BBVA

$5.56

-6.49 (-53.86%)

GGAL

Grupo Financiero

$17.88

-20.28 (-53.14%)

BMA

Banco Macro

$38.77

-37.61 (-49.24%)

SUPV

Grupo Supervielle

$3.92

-3.73 (-48.76%)

BBAR BBVA
$5.56

-6.49 (-53.86%)

GGAL Grupo Financiero
$17.88

-20.28 (-53.14%)

07/02/19
FBCO
07/02/19
UPGRADE
FBCO
Outperform
Grupo Financiero upgraded to Outperform from Neutral at Credit Suisse
04/29/19
JPMS
04/29/19
DOWNGRADE
Target $20
JPMS
Underweight
Grupo Financiero downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Domingos Falavina downgraded Grupo Financiero Galicia to Underweight from Neutral and lowered his price target for the shares to $20 from $28. The analyst views the valuation as "expensive" at current share levels.
08/12/19
MSCO
08/12/19
DOWNGRADE
MSCO
Underweight
Grupo Financiero downgraded to Underweight from Overweight at Morgan Stanley
08/07/19
SCOT
08/07/19
INITIATION
Target $27
SCOT
Underperform
Grupo Financiero initiated with an Underperform at Scotiabank
Scotiabank analyst Jason Mollin initiated Grupo Financiero with an Underperform and $27 price target.
BMA Banco Macro
$38.77

-37.61 (-49.24%)

06/05/19
HSBC
06/05/19
DOWNGRADE
HSBC
Hold
Banco Macro downgraded to Hold from Buy at HSBC
08/07/19
SCOT
08/07/19
INITIATION
Target $55
SCOT
Underperform
Banco Macro initiated with an Underperform at Scotiabank
Scotiabank analyst Jason Mollin initiated Banco Marco with an Underperform and $55 price target.
03/15/19
SANT
03/15/19
UPGRADE
SANT
Buy
Banco Macro upgraded to Buy from Hold at Santander
08/12/19
MSCO
08/12/19
DOWNGRADE
MSCO
Underweight
Banco Macro downgraded to Underweight from Overweight at Morgan Stanley
SUPV Grupo Supervielle
$3.92

-3.73 (-48.76%)

02/21/19
BOFA
02/21/19
DOWNGRADE
BOFA
Underperform
Grupo Supervielle downgraded to Underperform from Neutral at BofA/Merrill
08/07/19
SCOT
08/07/19
INITIATION
Target $6.3
SCOT
Underperform
Grupo Supervielle initiated with an Underperform at Scotiabank
Scotiabank analyst Jason Mollin initiated Grupo Supervielle with an Underperform and $6.30 price target.
08/12/19
MSCO
08/12/19
DOWNGRADE
MSCO
Underweight
Grupo Supervielle downgraded to Underweight from Overweight at Morgan Stanley
06/28/19
BOFA
06/28/19
UPGRADE
BOFA
Neutral
Grupo Supervielle upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill analyst Mario Pierry upgraded Grupo Supervielle to Neutral to reflect foreign exchange stability, an improving inflation outlook, and a likely continuation of polices after the Argentine election.

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IWM

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DIA

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PUFXF

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MIK

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$5.42

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SPY

SPDR S&P 500 ETF Trust

$292.31

3.52 (1.22%)

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$26.83

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QQQ

Invesco QQQ Trust

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CVET

Covetrus

$15.02

0.17 (1.14%)

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$COMP

Nasdaq Composite

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GME

GameStop

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NDX

Nasdaq 100 Index

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SRPT

Sarepta

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At Home Group

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DUOT

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VRTX

Vertex

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STOK

Stoke Therapeutics

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BBBY

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