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BTG’s Biggest Bull Is Unfazed by Turmoil That Sent Shares Tumbling

  • Santander affirms recommendation, price target for Brazil bank
  • Shares rebound after falling 31% amid reports of new probes
Andre Esteves
Andre EstevesPhotographer: Chris Ratcliffe/Bloomberg

Banco BTG Pactual SA’s most optimistic backers are standing by the investment bank as it grapples with a crisis echoing one four years ago that almost took down the firm.

“The company is currently in a much more solid, liquid and solvent situation than it was in 2015,” Henrique Navarro and Olavo Arthuzo, analysts at Banco Santander SA, wrote in a report late Monday. They reiterated their buy rating and a price target that’s the highest among sell-side analysts, according to data compiled by Bloomberg.