Bradesco is sole major bank rated buy by Itaú BBA

On 16 September 2026, Itaú BBA updated its projections for the Brazilian banking sector and made Banco Bradesco the only major traditional bank with an outperform recommendation under its coverage. The broker kept its price target for Bradesco shares at R$ 22.

The research team highlighted that Bradesco offers the best risk-return balance across the sector. The stock trades at approximately 1.1 times book value and 7 times projected 2026 earnings, despite modest downward adjustments to future profit estimates.

Itaú BBA noted ongoing operational progress in both retail and corporate banking segments. In addition, Bradesco's insurance division accounts for over 40% of group earnings and is projected to maintain double-digit growth.

The broader report trimmed 2027 estimates across Brazilian lenders, downgrading Nubank from outperform to market perform with an NY target of US$ 18. Itaú BBA pointed out that the market gives Bradesco little benefit of the doubt, leaving room for upward re-pricing as operational results continue to improve.