"Given short-term risks, for those willing to increase their exposure to Argentine banks, we are maintaining
our Outperform rating for Banco Macro (and raising its 12-month price target to 29.00/ADS, implying a
22% potential return), based on its cheaper valuation, and more defensive business / financial profile
relative to other local banks. At the same time, we are keeping our Market Perform ratings for Banco
Macro and BBVA Banco Frances. "