Citi analyst Gustavo Schroden downgraded Inter&Co to Neutral from Buy with a price target of $6.50, down from $12. The firm sees a challenging short-term outlook for the company due to rising cost-of-risk and high expenses. Inter&Co's revenue growth faces "structural headwinds" from lower fees and competition in secured lending, the analyst tells investors in a research note. Citi sees a fair valuation following the stock's 150% rally.
