Neoe3 shares are also purchase recommendation at this Friday’s Day Trade (Image: Money Times)
On a trip to the US, BTG Pactual analysts visited customers in New York, Chicago and Florida and reported that interest in Latin America’s assets remains strong by talk about the financial sector – But with almost total focus in Brazil.
At meetings, the topics that caught the most attention were valuation From the financial sector, strategy of Itaú Unibanco (ITUB4), electoral scenario and prospects for Nubank (NU), the bank said in a report signed by Eduardo Rosman and team, released on Monday (24)
According to analysts, Latin America is still seen as a “winner” in the global scenario, favored by the fall of the dollar, potential election of pro-market leaders and distance from international conflicts. But unlike other trips, investors showed little interest in other countries in the region.
Despite the good performance of Brazilian assets in 2025, BTG also sees more cautious and selective investors. The bank’s recommendation is to maintain exposure in liquid and quality papers. In the recommended portfolio of June, the bets continue with Itaú, Nubank, among others.
XP Investimentos also said this week having observed the interest of the foreigner in Brazilian actions When talking about the bag as a wholebut with a discussion about “risk x return” relationship of companies with strong domestic exposure – with Marcopolo (Pomo4), Randon (Rapt4), Gerdau (GGBR4) and Aura (aura33) among the most mentioned.
Cooling of enthusiasm with the financial sector and strategy of Itaú
Among the main points, the attention caught the attention cooling of enthusiasm with the financial sector after the strong performance in the yearsaid BTG, who added that many investors showed concern for valuation.
Itaú (Itub4), which remains a central bet for many funds, still raises doubts about how it can unlock more value, considering the 2x price on equity value, the bank commented.
In this context, one of the most debated guidelines was Itaú’s strategy to migrate 100% of its technological infrastructure to the cloud by 2028reducing the cost/revenue of the retail arm from 45% to 35%.
BTG believes this will be one of the main messages at Investor Day of Itaú, scheduled for September. Although few investors are shaping this transformation, most tend to maintain the action as strategic position in Brazilrelying on the Bank’s execution history, according to analysts.
Nubank is the most discussed; Bradesco returns to the radar
Nubank (NU) was the most discussed role in meetings – and also the main BTG recommendation as a trading idea.
According to BTG, most foreign investors did not know the acquisition of hyperplane or significant increases within card limits. Those who had science showed concern with the quality of assets In a more challenging macroeconomic environment, he said.
Nevertheless, BTG maintains a more optimistic view than average.
Also according to analysts, Bradesco (BBDC4) returned to the radar of some investors, especially for the attractive valuation and the result toCame of expected in the quarter. However, skepticism with a more structural recovery remains, he said.
Already Banco do Brasil (BBAS3) saw the feeling deteriorate, after poor performance in the first quarter and increased default on agricultural credit. According to BTG, questions arose continuity of dividend payment, the recovery of profits in 2026 and the impacts of the elections.
Santander (Sanb11), in turn, was little quotedexcept for some questions about a possible capital closure, he said.
FINANCIAL MARKET ADVANCE WITH SELIC CUTTING
The expectation of selic cut It rekindled interest in assets linked to financial market development, BTG said. There was relevant demand for names such as BTG Pactual (BPAC11), XP (XPBR31), B3 (B3SA3) and payment companies.
XP has been consolidated as the main name to capture the effects of the interest and election drop cycle, while BTG is seen as a premium alternative, already consolidated in the wallets, analysts said.
Stone and PagSeguro returned to the radar of investors outside Brazil, driven by the good results, they added.
Inter (INBR32) was quoted in some meetings, but with less prominence. The insurance sector practically did not generate interest, according to analysts.
Source: Moneytimes
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