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Upgrade Alert for Banco Bradesco (BBD)

By Nick Russo

Banco Bradesco (NYSE:BBD) was upgraded from Underperform to Outperform at Credit Suisse today. The stock closed yesterday at $8.63 on volume of 14.7 million shares, above average daily volume of 13.7 million.

Based on a current price of $8.63, Banco Bradesco is currently 22.4% above its average consensus analyst price target of $6.70. The stock should find initial support at its 50-day moving average (MA) of $7.15 and further support at its 200-day MA of $6.07.

Banco Bradesco share prices have moved between a 52-week high of $10.79 and a 52-week low of $4.01 and closed yesterday at 115% above that low price at $8.63 per share. The 200-day and 50-day moving averages have moved 0.6% lower and 2.23% higher over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Banco Bradesco on June 30th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.82. Since that recommendation, shares of Banco Bradesco have risen 5.5%. 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