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Investing.com - HSBC upgraded Banco Macro S.A (NYSE:BMA) from Hold to Buy while lowering its price target to $80.00 from $104.00. The stock, currently trading at $42.29, has experienced a significant decline of 55% year-to-date.
The upgrade comes as HSBC recognizes Banco Macro as the best capitalized bank in the Argentine banking system, positioning it to potentially capitalize on market opportunities. According to InvestingPro data, the bank maintains a healthy debt-to-equity ratio of 0.23 and trades at an attractive 0.92 times book value.
HSBC noted that Banco Macro has historically leveraged turbulent economic periods to make favorable acquisitions, citing the bank’s purchase of Itau Argentina as the most recent example.
The financial institution still faces challenges in improving returns by increasing its leverage, which HSBC indicates is particularly difficult given Banco Macro’s substantial capital base.
HSBC also highlighted that Banco Macro’s franchise outside Buenos Aires presents growth challenges compared to operations in the capital region.
In other recent news, Banco Macro’s Q2 2025 earnings call disclosed significant financial growth, even though the earnings per share (EPS) did not meet expectations. The bank experienced a remarkable 209% increase in net income quarter-on-quarter, showcasing a strong financial performance. Despite this growth, the reported EPS of $1.71 was below the anticipated $1.92, resulting in a 10.94% negative surprise. These developments highlight the bank’s robust income growth but also underscore the challenges in meeting analyst EPS forecasts.
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