Analysts lift Banorte price target to $11.53 amid fund interest

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Analysts lift Banorte price target to $11.53 amid fund interest
Credit: © Reuters.

Analysts have recently upgraded the one-year price target for Grupo Financiero Banorte, a leading Mexican banking group, to a new target of $11.53 from the old target of $10.28. This revision indicates a potential increase of approximately 25% from the last closing price of $9.18 per share. The range of projections from various analysts spans from a low of $9.85 to a high of $13.20 per share.

In line with these optimistic projections, fund ownership in Banorte has shown significant growth. The number of shares held by funds has surged to over twenty-three million, marking an increase of nearly one-fourth.

Among the funds adjusting their positions, QCSTRX has expanded its holdings in Banorte to over nine million shares, reflecting an increase of almost 9%. This move included a boost in their allocation to Banorte by about 3%. Conversely, JEMQX has decreased its stake in the financial institution to less than four million shares after an 11% reduction.

Despite these individual adjustments, the overall fund portfolio weight dedicated to Banorte has experienced a slight decrease, now representing just under half a percent.

This growing interest from funds and the revised price target reflect a positive outlook for Grupo Financiero Banorte as it continues to navigate the financial landscape.

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