Deutsche Bank Maintains Buy Rating On BAP

Deutsche Bank reports that, according to Reuters, “leftist candidate Ollanta Humala won the first round of elections in Peru.” “He is likely to face Keiko Fujimori, but Pedro Pablo Kuczynski still has a chance to advance,” Deutsche Bank writes. “While most polls have shown that Humala is unlikely to win the presidency, his chances have certainly increased. “We look at the potential impact to our PT [on shares of Credicorp Ltd. BAP] from the likely higher country risk if Humala were to win. Maintain Buy rating, given solid long-term growth prospects, but acknowledge that significant volatility in the near-term could limit returns.” Credicorp closed Friday at $103.60.