Goldman Sachs Neutral On Credicorp (BAP)

Goldman Sachs has a Neutral rating and a $112 price target on shares of Credicorp BAP. In a note to clients, Goldman Sachs writes, "We adjust our estimates to incorporate the new macro assumptions as well as the trends reported in 1Q2011. While 1Q2011 earnings were above our estimates, the clear negative bias expressed by management regarding 2Q2011 moderates our expectations for 2011, and also affects our outlook for subsequent years. Overall, we have lowered our 2011/2012/2013 recurring EPS estimates by 1.7% to US$8.00, 1.2% to US$9.99, and 2.1% to US$11.68, respectively." Shares of BAP gained $2.17 yesterday to close at $105.08, a gain of 2.1%.