Inter & Co, Inc. (NASDAQ:INTR) is one of the 10 best financial stocks to buy for the long term. On January 26, Inter & Co, Inc. (NASDAQ:INTR) announced that its board had approved plans to begin winding down the company’s Sponsored Level II Brazilian Depositary Receipts (BDR) program. It also intends to move toward an Unsponsored Level I BDR structure, pending regulatory approvals from B3 and Brazil’s securities regulator, the CVM.
Once the Sponsored Level II BDR program is discontinued, Inter & Co, Inc. (NASDAQ:INTR) also plans to cancel its registration with the CVM as a category A foreign securities issuer. According to the company, this step is designed to simplify its regulatory setup and remove duplicative requirements associated with being listed in multiple jurisdictions.
The above development is relevant for existing shareholders, as under the proposed plan, after the process is formally launched and approved, holders of the company’s Level II BDRs will be given a 30-day period to decide how they want to proceed. Investors can choose to receive Nasdaq-listed Class A shares, sell the underlying shares through a company-facilitated process, or convert their holdings into Unsponsored Level I BDR on a one-for-one basis.
Prior to this announcement, the stock had seen a positive shift in analyst sentiment. On January 22, UBS raised its price target on Inter & Co, Inc. (NASDAQ:INTR) from $10.5 to $11 while reaffirming a Buy rating. The revised price target offers a further 14.46% upside from the current levels.
Inter & Co, Inc. (NASDAQ:INTR) is involved in the insurance brokerage, banking & spending, investments, and inter shop businesses across the United States and Brazil. It provides banking products and services, such as deposits, cards, checking accounts, loans & advances, and other services. The company was incorporated in 1994 and is based in Belo Horizonte, Brazil.
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Disclosure: None. This article is originally published at Insider Monkey.
