On Sunday, November 23, 2025, Banco Bradesco S.A.’s New York–listed ADR (NYSE: BBD) is wrapping up a transformative year with the stock hovering around $3.48 and sitting near the top of its 52‑week range after a strong 2025 rally. 1
Today’s fresh headlines revolve around a new analyst consensus rating, a higher dividend, and updated AI-driven comparisons between Bradesco’s ADR share classes, all against the backdrop of Brazil’s still‑high interest rates and cooling inflation.
Key takeaways for investors on November 23, 2025
- Consensus rating: A new MarketBeat update shows an average “Hold” rating for BBD from six brokerages (1 Sell, 2 Hold, 3 Buy), with a 12‑month average price target of about $2.40, implying downside from current levels. 2
- Dividend bump: Bradesco has announced a new monthly dividend of $0.0035 per ADR, ex‑dividend on December 3, 2025 and payable on January 9, 2026, for a yield around 1.2% and a low payout ratio of roughly 5.7%. 2
- Huge 2025 rally: BBD is up around 100% year‑to‑date, according to Tickeron, and roughly 46% over the past 12 months, well above the broader LatAm banking peer group. 3
- Fundamentals trending up: Over the twelve months ending Sept. 30, 2025, Bradesco generated EPS of about $0.35, up more than 15% year‑over‑year, while Q3 2025 recurring net income hit R$6.2 billion with revenue near R$35 billion. 4
- Macro backdrop: Brazil’s central bank is holding the Selic rate at 15%, a near 20‑year high, even as inflation eased to 4.68% year‑over‑year in October and just 0.09% month‑on‑month, increasing the odds of rate cuts in early 2026. 5
Banco Bradesco (BBD) stock snapshot on November 23, 2025
As of the latest available data around this weekend:
- Last price (NYSE: BBD): about $3.48
- 1‑year range: roughly $1.84 – $3.77 6
- Market cap: about $34.6 – $37.0 billion, depending on the data provider and FX assumptions. 3
- Trailing P/E: in the 9–10x range (Macrotrends cites 9.41x; MarketBeat and Tickeron are just under 10x). 7
- Trailing 12‑month EPS: around $0.35, up about 15–16% year‑over‑year. 4
- Average daily volume: close to 55 million shares. 6
After being highlighted in mid‑2025 by Yahoo Finance as one of the most undervalued U.S.‑listed stocks trading under $5, with the ADR already up 57% at that point, Bradesco has continued to climb and is now among 2025’s standout emerging‑market bank performers. 8
New today: analyst consensus shifts toward “Hold”
The headline news on November 23, 2025 comes from MarketBeat’s latest update on Banco Bradesco’s analyst coverage. 9
Consensus rating and price target
According to the new MarketBeat alert:
- Overall rating: Hold
- Coverage: Six brokerages
- Breakdown:1 Sell, 2 Hold, 3 Buy
- Average 12‑month price target: roughly $2.40 per ADR, which is about 30% below the current ~$3.48 price, indicating analysts see limited upside after the big 2025 rally. 2
This is a classic late‑cycle setup: fundamentals have clearly improved, but the stock has run ahead of most models, leaving valuation less obviously cheap even though absolute multiples still look modest versus global peers.
Dividend increase and capital return
The same MarketBeat update highlights that Bradesco has:
- Introduced a new monthly dividend of $0.0035 per ADR
- Set the ex‑dividend date for December 3, 2025
- Scheduled payment for January 9, 2026
- Indicated an annualized yield of about 1.2% and a dividend payout ratio near 5.7%. 2
The payout is still conservative, but the resumption and increase of regular dividends is important symbolically: it signals that management sees the balance sheet and earnings trajectory as strong enough to support ongoing shareholder distributions.
Today’s fresh angle: BBD vs BBDO – ADR share classes under the microscope
A second piece of new content dated November 23, 2025 comes from Tickeron’s BBD vs BBDO comparison tool, which pits Bradesco’s two New York–listed ADRs against each other. 10
Price and trading metrics
Tickeron’s latest commentary (stamped Nov. 23) reports:
- BBD price:$3.48 (Nov. 21 close), volume ~54.95 million shares
- BBDO price:$3.13, volume ~109,000 shares
- Market cap (both tickers combined): about $34.6 billion
- YTD performance: BBD +~100%, BBDO +~91%
- P/E: BBD around 9.66x, BBDO about 8.69x. 3
Tickeron’s takeaway: both share classes are judged undervalued on long‑term fundamentals (valuation score 26 out of 100, where lower is better) but “a bad buy in the short term” due to a cluster of bearish technical indicators — including negative weekly price momentum and several trend signals flashing red. 3
For everyday investors, the message is:
- Long‑term: fundamentals are improving and valuation isn’t stretched relative to earnings, revenue growth, or book value.
- Short‑term: after a near‑100% run this year, volatility and pullback risk are elevated, and technicals suggest a more cautious entry strategy.
How Q3 2025 earnings set the stage for today’s narrative
The current analyst stance and AI‑driven ratings only make sense when viewed against Bradesco’s Q3 2025 earnings, released at the end of October.
Strong recurring profit and revenue growth
Across multiple sources (the company’s own 6‑K filing, investor presentation, and third‑party news coverage), Q3 2025 looked like this: 11
- Recurring net income:R$6.2 billion
- +2.3% quarter‑on‑quarter
- +18.8% year‑on‑year
- Total revenue: about R$35.0 billion
- +3.0% vs Q2 2025
- +13.1% vs Q3 2024
- Return on average equity (ROAE): around 14.7%, up roughly 0.1 percentage points q/q and 2.3 points y/y.
- Net interest income (NII): roughly R$18.7 billion, growing high‑teens versus a year earlier, driven by strong client NII and insurance operations.
Reuters reported that Bradesco’s recurring net profit of R$6.2 billion came in line with analyst expectations, underscoring that the bank is now delivering on guidance rather than surprising on the downside, as it did during the worst of its credit‑quality cycle. 12
Asset quality and transformation
Company and presentation materials highlight: 13
- Delinquency ratios remain stable around 4.1%, a crucial gauge after several years of elevated credit losses.
- The restructured loan portfolio is shrinking, while secured lending grows as a share of the book, improving risk‑adjusted returns.
- A multi‑year digital and operational transformation continues, with better efficiency and a stronger performance from the insurance business.
In short, earnings are recovering, risk costs are under control, and profitability has been improving for seven consecutive quarters, which explains the stock’s major rerating in 2025.
Macro backdrop: high rates, cooling inflation in Brazil
Bradesco’s story is inseparable from Brazil’s macro environment.
On November 5, 2025, Brazil’s central bank (Copom) kept the Selic policy rate at 15% for the third straight meeting, the highest level since the mid‑2000s. 5
At the same time:
- October 2025 inflation came in much softer than expected, with consumer prices up just 0.09% month‑on‑month, and the 12‑month rate easing to 4.68% from 5.17% in September. 14
- Brazil’s Finance Ministry trimmed its 2025 GDP growth forecast to 2.2% and cut the inflation forecast to 4.6%, citing the impact of high borrowing costs and a slowing economy. 15
For banks like Bradesco, this mix of very high real rates plus moderating inflation is a double‑edged sword:
Positives
- Wide net interest margins thanks to 15% policy rates.
- A relatively strong Brazilian real improves the optics for dollar‑based ADR investors.
- Lower‑than‑feared inflation reduces the risk of even higher rates that could destabilize credit.
Negatives
- Persistently high borrowing costs can slow loan growth in sensitive segments (SMEs, lower‑income borrowers).
- Over time, this environment can still pressure asset quality, particularly if growth slows more sharply in 2026.
So far, though, Q3 results suggest Bradesco is navigating this macro tightrope successfully, helped by its scale, digital channels, and diversified insurance and fee income.
Valuation: still cheap after the run?
Even after its big 2025 rally, Bradesco doesn’t look expensive on classic valuation metrics:
- P/E: around 9–10x trailing earnings, below many global and U.S. banks despite faster EPS growth. 7
- Market cap: roughly $37 billion, for a lender with annualized pre‑tax earnings north of $3.4 billion (TTM). 16
- 12‑month performance: about +46%, with a 52‑week range of $1.84 to $3.77, showing how far sentiment has swung since late 2024. 6
Macrotrends data indicate EPS over the last four quarters has grown about 15–16% year‑over‑year, suggesting that BBD’s re‑rating is at least partly supported by real earnings growth, not just multiple expansion. 4
However, the new MarketBeat consensus target of $2.40 sits well below today’s price, which tells you a few things: 2
- Many analysts set their targets before the latest leg of the rally and haven’t fully updated models.
- Some remain skeptical about how far margins and credit quality can improve given the challenging macro backdrop.
- There’s a sense that after a near‑doubling in 2025, risk/reward in the short term is more balanced, even if long‑term fundamentals look attractive.
Key risks to watch
Even with the improved story, investors following BBD should keep a close eye on:
- Credit quality
- If Brazil’s growth slows more than expected or unemployment rises, delinquencies could pick up again, pressuring provisions and earnings.
- Interest‑rate path
- Rate cuts that arrive faster and deeper than expected could compress net interest margins, especially if loan growth doesn’t accelerate enough to compensate.
- Regulation and politics
- Brazil’s banking sector is heavily regulated, and policy shifts around consumer credit, fee caps, or taxation would directly affect Bradesco’s profitability.
- Competition from digital players
- Fintechs and digital banks like Nubank, which just posted record ROE north of 30%, are raising the bar for customer experience and profitability, keeping up competitive pressure. 17
What’s next for Banco Bradesco?
Looking ahead into late 2025 and early 2026, a few catalysts stand out:
- Next earnings release:
Different data providers currently flag early February 2026 for Bradesco’s Q4 2025 earnings — MarketBeat’s calendar points to early February, while Tickeron lists February 11, 2026. Exact timing can change, so investors should check Bradesco’s IR events calendar or their broker for the confirmed date. 18 - Digital transformation & cost control:
Bradesco is emphasizing digital channels, efficiency gains and footprint optimization, including branch rationalization, to keep operating expenses in check while growing fee and insurance income. 13 - Strategic focus areas:
Recent IR materials and interviews highlight a push to:- Grow high‑income and affluent client segments (aiming for 1 million high‑income clients by 2026). 19
- Expand share in rural credit and agribusiness while keeping risk metrics under control. 19
- Continue investing in AI‑driven risk models and customer analytics, which the bank credits for part of its profit improvement. 19
Bottom line
On November 23, 2025, Banco Bradesco S.A. (BBD) looks like a recovered but not fully re‑rated franchise:
- The stock has almost doubled in 2025, yet still trades at single‑digit earnings multiples.
- Q3 2025 results confirm a real turnaround: higher recurring profit, stronger ROE and stable asset quality.
- New analyst and AI‑driven ratings published today strike a cautious tone: fundamentally undervalued over the long term, but with less short‑term upside after the rally and several technical indicators warning of potential near‑term volatility.
For investors following Brazilian financials, Bradesco is now firmly back on the radar—not as a deep‑distress value play, but as a large, profitable bank whose next chapter will hinge on execution, digital transformation and how Brazil’s high‑rate experiment ends.
Disclosure: This article is for informational and educational purposes only and does not constitute financial or investment advice. Always do your own research or consult a licensed professional before making investment decisions.
