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JP Morgan upgraded BBD to Overweight on 6 October, reversing its own November 2024 downgrade. The stock has responded sharply, up 18.6% on the day and 29.3% over the past week.
JP Morgan's move from Neutral back to Overweight closes a loop that began when the same firm downgraded Bradesco in November 2024. The reversal carries weight precisely because it comes from the desk that turned cautious less than a year ago.
The broader analyst community remains split. Citigroup lifted Bradesco to Buy in May 2025. Goldman Sachs holds a Buy rating. Two analysts are on Hold, two on Outperform, so the consensus sits at Hold for now. A JP Morgan re-entry into the bull camp could shift that calculus as other firms reassess.
The upgrade landed while short sellers were already adding exposure. Estimated short interest rose 56% over the past week to roughly 25.9 million shares. Cost to borrow jumped 572% in the same window, from around 0.42% to 2.79%.
That combination, a rising short position and a rapidly rising cost to borrow, suggests conviction on the bearish side even as the price ran against it. The borrow market remains loose overall: availability stands at 1,515%, meaning there is ample stock to borrow relative to what is already out. That rules out a mechanical squeeze driven by a shortage of lendable shares, but it does not protect short sellers from a fundamental reassessment driving the price higher.
The ORTEX short score sits at 29.1, up from 26.1 a week ago. The DTC rank is at the 98th percentile.
SEC EDGAR filings show a cluster of open-market purchases from executive officers and a director in mid to late September. On 18 September alone, five executive officers bought shares at around $17.98 apiece, with individual trades ranging from roughly $996,000 to $1.7 million. A further purchase of just over $1 million was filed on 28 September.
Net insider buying over the 90 days to 29 September totals approximately $64.7 million across roughly 3.7 million shares. None of the trades were flagged as being under a pre-arranged 10b5-1 plan, making them discretionary purchases. Earnings are scheduled for 22 October, 16 days away.
See the live data behind this article on ORTEX.
Open BBD on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
