Upgrades Hold Buy X

BMA Banco Macro

HSBC Securities

$80

Initiated Market Perform X

BMA Banco Macro

Itau BBA

$85

Upgrades Underweight Overweight X

BMA Banco Macro

Morgan Stanley

$12.50

Upgrades Underweight Neutral X

BMA Banco Macro

JP Morgan

$14 $78

Upgrades Underperform Neutral X

BMA Banco Macro

BofA Securities

$53 $62

Downgrades Buy Hold X

BMA Banco Macro

HSBC Securities

Upgrades Neutral Buy X

BMA Banco Macro

Citigroup

Downgrades Buy Neutral X

BMA Banco Macro

Citigroup

Downgrades Overweight Neutral X

BMA Banco Macro

JP Morgan

Upgrades Hold Buy X

BMA Banco Macro

HSBC Securities

BMA  Banco Macro S.A. ADR (representing Ten Class B Common Shares)

Banco Macro SA is an Argnetina-based financial institution (the Bank) that offers traditional bank products and services to companies, including those operating in regional economies, as well as to individuals. In addition, the Bank performs certain transactions through its subsidiaries, including mainly Banco del Tucuman, Macro Bank Ltd, Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCI SA. It has approximately two categories of customers, such as retail customers, including individuals and entrepreneurs and corporate customers, which include small, medium and large companies and major corporations. In addition, it provides services to over four provincial governments. It provides its corporate customers with traditional banking products and services, such as deposits, lending (including overdraft facilities), check cashing advances and factoring, guaranteed loans and credit lines for financing foreign trade and cash management services.