Banco Bradesco SA (BBD) Upgraded by Morgan Stanley on Earnings Outlook

Banco Bradesco SA (NYSE: BBD) has been upgraded by Morgan Stanley Research. The Brazilian bank is now considered to be an 'equal weight' stock.

The report published this morning notes "Following a difficult 2009, we think bank earnings are set to accelerate this year as the Brazilian economy picks up."

Morgan Stanley anticipates EPS growth of 17% to 19% this year for Banco Bradesco SA. The price target for BBD is now $20.00.