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Downgrade Alert for Banco Bradesco (BBD)

By Amy Schwartz

Banco Bradesco (NYSE:BBD) was downgraded from Buy to Neutral at UBS today. The stock closed yesterday at $7.05 on volume of 16.4 million shares, above average daily volume of 13.7 million.

Based on a current price of $7.05, Banco Bradesco is currently 5.0% above its average consensus analyst price target of $6.70. The stock should find resistance at its 50-day moving average (MA) of $7.11, as well as support at its 200-day MA of $6.08.

Banco Bradesco S.A. attracts deposits and offers commercial banking services. The Bank offers business loans, personal credit, mortgages, lease financing, mutual funds, securities brokerage, and Internet banking services. Bradesco operates in Brazil and Argentina, the United States, the Cayman Islands, and the United Kingdom. Bradesco offers credit cards, insurance, and pension funds.

In the past 52 weeks, shares of Banco Bradesco have traded between a low of $4.01 and a high of $10.79 and closed yesterday at $7.05, which is 76% above that low price. The 200-day and 50-day moving averages have moved 0.46% lower and 1.70% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Banco Bradesco on February 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.08. Since that recommendation, shares of Banco Bradesco have risen 43.4%. We continue to monitor BBD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades banco bradesco

Ticker(s): BBD