JPMorgan Downgrades Banco do Brasil to Sell, Upgrades Bradesco on Falling Rates

JPMorgan cut Banco do Brasil to Sell and raised Bradesco after a rally driven by falling long-term interest rates, revising price targets across Brazilian financials. XP, Nubank, and Inter retain significant upside per the note. The move reflects a sector rotation favoring private banks over state-owned peers amid a lower-rate environment.