UBS BB changes Itaú target and Safra changes Klabin recommendation
Large financial institutions adjust projections for Ibovespa heavyweights in light of new sectoral scenarios.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM MONEY TIMES · 3 MIN
The season of reviewing analyzes in the Brazilian stock market brought important cuts to prominent assets on the stock exchange, according to Money Times. A new projection from UBS BB set new levels for Itaú shares (ITUB4), maintaining the prudent indication in relation to the share after the release of the balance sheet for the third quarter of 2026. As Money Times found, the bank's performance in the period was considered solid and equivalent to the stock market's general forecasts.
Despite the operational solidity, the UBS BB report highlighted a point of attention in Itaú's credit portfolio. According to the Money Times, the default rate over 90 days rose 10 basis points in the third quarter of 2026, reaching the level of 2%. The data reinforces institutional caution in a macroeconomic environment that requires rigor in capital allocation and risk control by listed companies.
In the industrial sector, Banco Safra also made relevant adjustments to its investment theses, according to Money Times. The team composed of Ricardo Monegaglia and Caique Isidoro downgraded Klabin's (KLBN11) recommendation from purchase to neutral. Along with the change, the company's target price was modified, falling from R$21.40 to R$20.60 with a horizon until the end of 2027, as published by the vehicle.
Still regarding Klabin (KLBN11), the Safra report cited by Money Times indicated that the base price considered is R$18.08, a scenario that still shows a projected increase of 14%. Furthermore, the institution projected an estimated total return of 21% including the payment of dividends to shareholders.
The downgrade of Klabin's thesis did not occur due to internal management problems, but due to cyclical factors. According to Safra analysts highlighted by Money Times, the decision was motivated by an unfavorable paper market, high costs and slow operating margins.
What changes for the investor
The simultaneous review of expectations in solid companies in the financial and pulp sector highlights the need for constant monitoring of fundamentals by operators. The adjustment in target prices and recommendations reflects analysts' reading of operating costs and sectoral pressures, serving as a thermometer for repricing assets on the stock exchange and reassessing risks in portfolios.
Automatically translated from Portuguese.
