Banco Bradesco BBI
Bradesco BBI is the São Paulo-based investment banking arm of Banco Bradesco, one of Brazil's largest private banks. Its research department covers Latin American equities, equity strategy and macroeconomics.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 1712M
- Actions
- 3112M
- Ratings / Price targets
- 16 / 15
- Upgrades / Downgrades
- 9 / 7
- Buy-rated
- 33%of 12 rated
- Median upside
- +9.6%
- Targets raised / lowered
- 5 / 2
- On record
- Sep 2018 – Sep 2026
Overview
The research team had more than 30 specialists in equities, strategy and macroeconomics and covered 246 companies as of 2026, about 92% of the MSCI Latin America index. Institutional Investor's All-Brazil Research Team ranked it joint No. 1 with BTG Pactual in 2021 and 2022; it placed fourth in Extel's 2025 Latin America survey. In 2024 it merged its economists into Bradesco's economic research unit, saying the move would align the economic scenarios and assumptions used by the bank and by BBI.
Banco Bradesco was founded in Marília, São Paulo state, in 1943. The group established Bradesco BBI as its investment bank in February 2006. BBI arranges and executes equity, M&A and fixed-income transactions, distributes securities, and has offices in São Paulo, London, New York and Hong Kong.
Milestones
- 1943
Banco Bradesco founded in Marília, São Paulo state
- 2006
Bradesco BBI established as the group's investment bank
- 2021
Ranked joint No. 1 in All-Brazil Research Team
Firm facts
- Legal name
- Banco Bradesco BBI S.A.
- Type
- Full-service
- Founded
- 2006
- Headquarters
- São Paulo, Brazil
- Parent
- Banco Bradesco S.A.
- Listing
- NYSE: BBD
- Head of Research
- Francisco Navarrete
- Rating scale
- OutperformNeutralUnderperform
- Also filed as
- Bradesco · Banco Bradesco BBI S.A
- Website
- bradescobbi.com.br
Research philosophy
Indeed, we prefer high quality and liquid companies that offer resilient margins and that are presenting returns with material asymmetry to the upside.
In 2022, Bradesco BBI's research directors pointed to three features of its approach: proprietary data from sources such as its Data Vault series and consumer surveys, reports written jointly by analysts across sectors, and company meetings coordinated with the research team.
Rating methodology
Outperform, Neutral and Underperform ratings are relative to the analyst's coverage list.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.OMAB | Neutral | $110 |
 Grupo Aeroportuario del Pacífico, S.A.B. de C.V.PAC | Outperform | $285 |
 Petróleo Brasileiro S.A. - PetrobrasPBR | Outperform | $20 |
 VtexVTEX | Neutral | $4.50 |
 Grupo Aeroportuario del Sureste, S. A. B. de C. V.ASR | Outperform | $365 |
 Ero Copper Corp.ERO | Neutral | — |
 Nu Holdings Ltd.NU | Outperform | $17 |
 YPF Sociedad AnónimaYPF | Neutral | $55 |
 Arcos Dorados Holdings Inc.ARCO | Neutral | — |
 Braskem S.A.BAK | — | $1.50 |
Most active analysts
- Vicente Neto2 notesBAKPBR
- Rodolfo Ramos2 notesPAC
- Bruno Mendonca1 notesCX
- Henrique Brustolin1 notesKOF
- Rafael Barcellos1 notesTX
Recent actions
| Date | Stock | Rating action | Rating | Target |
|---|---|---|---|---|
| Sep 15 | IOIOCJY | Downgrade | Neutral | |
| Sep 2 | CSCSCCF | Downgrade | Neutral | |
| Sep 2 | Ero Copper Corp.ERO | Downgrade | Outperform →Neutral | |
| Aug 28 |  Moderna, Inc.MRNA | Upgrade | Outperform | |
| Aug 27 | Petróleo Brasileiro S.A. - PetrobrasPBR | Upgrade | Outperform | $19 →$20 |
| Aug 27 | Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.OMAB | Downgrade | Outperform →Neutral | $120 →$110 |
| Aug 11 | YPF Sociedad AnónimaYPF | Downgrade | Outperform →Neutral | $55 |
| Aug 7 | VtexVTEX | Downgrade | Neutral | $4.50 |