Itaú Unibanco has been identified as the most recommended stock in September by analysts, driven by consistent profit growth, positive price targets, and sustained institutional confidence despite a strong market run.
Itaú Unibanco has emerged as the most popular stock for September among the analysts surveyed by Money Times, with 10 of the 14 firms consulted naming ITUB4 in their recommended portfolios. The bank’s appeal has been reinforced by a new round of profit growth and by fresh price-target revisions that still point to double-digit upside, even after the shares’ strong run.
Santander recently lifted its year-end target for Itaú from R$49 to R$50, implying further room to rise from the last Thursday’s close. Rico’s Riconnect platform is even more bullish, assigning the stock a target of R$51 and a buy recommendation, while Investing.com’s consensus data shows a broadly positive analyst view, with a strong-buy rating and an average target above current trading levels.
The latest quarterly numbers have helped sustain that optimism. Itaú reported net income of R$12.4 billion in the second quarter, up 7.8% year on year, marking its 11th consecutive quarterly increase in profit. According to data from Elos Ayta, the last decline came in the third quarter of 2023, when the lender was hit by the fallout from Americanas. Since then, its bottom line has improved every quarter.
Matheus Spiess, an analyst at Empiricus Research, said the pace of growth may be slower than in previous years, but the results continue to underline the bank’s quality and support a constructive view of the shares, particularly for investors seeking income, consistency and long-term capital gains. That argument remains central to Itaú’s investment case: steady earnings, a strong franchise and a dividend profile that continues to attract institutional support.
The bank sits at the top of a wider list of favourites that remains dominated by Brazil’s blue chips. Vale is the second-most recommended stock, with nine mentions, followed by Petrobras with eight. The two companies have also delivered well-received second-quarter results. Vale posted net profit of R$6.847 billion, down 43.3% from a year earlier, but revenue rose 6.4% to R$53.012 billion and adjusted Ebitda came in at R$18.516 billion. Petrobras, meanwhile, reported net income of R$52.4 billion, ahead of market expectations, helped by record production, firmer Brent prices and strong cash generation. According to the Money Times survey, 16 institutions took part, with 51 stocks and 143 recommendations in total.
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