Initiated Underperform X

AAPL Apple

Itau BBA

$136

Downgrades Outperform Mkt Perform X

ABEV AmBev

Itau BBA

$3.60

Downgrades Outperform Mkt Perform X

AGRO Adecoagro S.A.

Itau BBA

$12

Initiated Outperform X

AGRO Adecoagro S.A.

Itau BBA

$10

Downgrades Outperform Mkt Perform X

AMX America Movil SA

Itau BBA

$19

Initiated Outperform X

AMZN Amazon

Itau BBA

$146

Upgrades Mkt Perform Outperform X

ARCE Arco Platform

Itau BBA

Upgrades Mkt Perform Outperform X

BAP Credicorp LTD

Itau BBA

$156

Upgrades Mkt Perform Outperform X

BCH Banco de Chile

Itau BBA

$24

Downgrades Outperform Mkt Perform X

BCH Banco de Chile

Itau BBA

$22

Initiated Market Perform X

BMA Banco Macro

Itau BBA

$85

Upgrades Mkt Perform Outperform X

BSAC Banco Santander Chile

Itau BBA

$22

Downgrades Outperform Mkt Perform X

BSAC Banco Santander Chile

Itau BBA

$22

Downgrades Outperform Mkt Perform X

CIB Bancolombia S.A.

Itau BBA

Upgrades Mkt Perform Outperform X

CIB Bancolombia S.A.

Itau BBA

$47

Upgrades Mkt Perform Outperform X

CINT CI&T Inc

Itau BBA

Downgrades Outperform Mkt Perform X

CX CEMEX S.A.

Itau BBA

Upgrades Mkt Perform Outperform X

EPAM EPAM Systems

Itau BBA

$269

Upgrades Underperform Mkt Perform X

EPAM EPAM Systems

Itau BBA

Upgrades Mkt Perform Outperform X

FMX FEMSA

Itau BBA

Downgrades Outperform Mkt Perform X

FMX FEMSA

Itau BBA

$127

Initiated Outperform X

GGAL Grupo Financiero Galicia

Itau BBA

$70

Downgrades Outperform Mkt Perform X

GLOB Globant

Itau BBA

Resumed Outperform X

GLOB Globant

Itau BBA

$230

Initiated Market Perform X

GOL GOL Linhas Aereas Inteligentes S.A.

Itau BBA

$9.50

Initiated Market Perform X

GOOGL Alphabet A

Itau BBA

$113

Downgrades Outperform Mkt Perform X

IFS Intercorp Financial

Itau BBA

$35

Upgrades Mkt Perform Outperform X

INTR Inter & Co

Itau BBA

Upgrades Mkt Perform Outperform X

LOMA Loma Negra

Itau BBA

$14.20

Upgrades Mkt Perform Outperform X

META Meta Platforms

Itau BBA

$102

Initiated Market Perform X

META Meta Platforms

Itau BBA

$188

Initiated Outperform X

MSFT Microsoft

Itau BBA

$287

Upgrades Mkt Perform Outperform X

NU Nu Holdings

Itau BBA

$18

Downgrades Outperform Mkt Perform X

NU Nu Holdings

Itau BBA

Downgrades Outperform Mkt Perform X

PAGS PagSeguro Digital

Itau BBA

Upgrades Mkt Perform Outperform X

PAGS PagSeguro Digital

Itau BBA

$31

Downgrades Outperform Mkt Perform X

PAGS PagSeguro Digital

Itau BBA

Upgrades Mkt Perform Outperform X

PAGS PagSeguro Digital

Itau BBA

$65

Initiated Outperform X

PAX Patria Investments

Itau BBA

$21

Upgrades Mkt Perform Outperform X

PBR Petrobras Brasileiro

Itau BBA

$14

Upgrades Underperform Mkt Perform X

SCCO Southern Copper

Itau BBA

Downgrades Mkt Perform Underperform X

SID Comp Siderurgica

Itau BBA

Downgrades Mkt Perform Underperform X

SID Comp Siderurgica

Itau BBA

$2.30

Downgrades Outperform Mkt Perform X

STNE StoneCo

Itau BBA

Downgrades Outperform Mkt Perform X

TX Ternium S.A.

Itau BBA

$40 $49

Downgrades Outperform Mkt Perform X

UGP Ultrapar Participacoes

Itau BBA

Downgrades Outperform Mkt Perform X

VALE Vale S.A.

Itau BBA

$15

Initiated Outperform X

VINP Vinci Partners

Itau BBA

$18

Resumed Outperform X

VIV Telefonica Brasil

Itau BBA

$11

Downgrades Outperform Mkt Perform X

VLRS Volaris Aviation

Itau BBA

Initiated Outperform X

VLRS Volaris Aviation

Itau BBA

$12

Upgrades Mkt Perform Outperform X

VTEX VTEX

Itau BBA

$6

Downgrades Outperform Mkt Perform X

VTEX VTEX

Itau BBA

$11 $1.80

Downgrades Outperform Mkt Perform X

XP XP

Itau BBA

$21

Initiated Outperform X

XP XP

Itau BBA

$20

Upgrades Mkt Perform Outperform X

YPF YPF Soc. Anonima

Itau BBA

$10.50

Downgrades Outperform Mkt Perform X

ZENV Zenvia

Itau BBA

$11 $1.80