JPMorgan raises Bradesco price target to 26 reais

JPMorgan upgraded Banco Bradesco to buy and raised its price target for the bank's preferred shares from 22.00 Brazilian reais to 26.00 Brazilian reais on October 9, 2026. The new target implies an estimated potential upside of 19%.

The bank also lowered its cost of equity assumption across Brazilian banks by 1.5 percentage points. JPMorgan noted that Bradesco trades at a price-to-book multiple of 1.2 times, compared to an estimated fair value multiple of 1.5 times.

JPMorgan projects Bradesco will reach adjusted net income of 28.1 billion Brazilian reais in 2026, 30.5 billion Brazilian reais in 2027, and 34.8 billion Brazilian reais in 2028. The bank estimates return on equity will reach 15.9% in 2026, 16.1% in 2027, and 16.8% in 2028.

UBS BB also lifted its view on the lender, setting a price target of 27.00 Brazilian reais for Bradesco preferred shares. UBS BB forecasts net profit of 27.5 billion Brazilian reais for Bradesco in 2026.