Analysts adjust perspectives for Klabin and Itaú Unibanco at B3

The review season in the Brazilian financial market brings caution to Stock Exchange investors. As reported by Seu Dinheiro, the financial institution changed the outlook for Klabin's assets (KLBN11), changing the purchase indication to neutral, and reduced the estimate for the stock to R$20.60, compared to the previous level of R$21.40 with a horizon at the end of 2027.

Based on a price of R$18.08, the asset still has an appreciation potential of 14% and a total return with dividends estimated at 21%, as pointed out by Seu Dinheiro. However, experts Ricardo Monegaglia and Caique Isidoro highlight unfavorable fundamentals in the paper and packaging markets.

According to the survey by Seu Dinheiro and Money Times, Klabin's thesis is influenced by high costs, the slow recovery of margins and the impact of the cost of equity capital. The pressure on the company's operational structure reflects a challenging macroeconomic environment for company efficiency.

In parallel, the financial sector also underwent adjustments to its operating desks. As reported by Money Times, the financial institution adjusted downwards the value projection for preferred shares of Itaú Unibanco (ITUB4), maintaining the neutral recommendation after the release of data for the third quarter of 2026.

The UBS BB report cited by Money Times details that default rates over 90 days at Itaú Unibanco increased by 10 basis points in the quarter, reaching 2%. The movement demonstrates the necessary vigilance of financial institutions in the face of credit risk.

What changes for the investor

Recent reviews of traditional B3 companies show that strict cost control and capital efficiency have become crucial differentiators for asset selection. In a scenario of high interest rates and pressured margins, investors tend to reevaluate exposure to corporate risk, demanding greater financial discipline from companies to protect long-term value.

Automatically translated from Portuguese.