GGAL provides financial banking, insurance and lending services to customers in Argentina. It has benefited from higher interest rates, leading to a 24% increase in operating income. It trades at 7x forward earnings, 1.5x book and supports a ROE of 37%. We like that cash reserves are still growing, while debt is retired. We recommend setting a stop-loss at $36, looking to achieve $63 -- upside potential of 29%. Yield 5.3%
(A Top Pick Oct 17/24, Up 34.5%)Stockchase Research Editor: Michael O'Reilly
Our PAST TOP PICK with GGAL has achieved its target at $63. To remain disciplined, we recommend covering half the position at this time and trailing up the stop (from $36) to $56.
Our PAST TOP PICK with GGAL has triggered its stop at $64. To remain disciplined, we recommend covering the position at this time.