XP - Goldman Sachs: More Upside Potential Before Year End

• According to management, its medium-term return expectations are in the mid-teens, despite the fact that GDP growth is expected to decline in 2022.
• The remaining quarter of the year remains robust as consumer and infrastructure spending grow and the global economy reopens.
• GDP growth is estimated to accelerate to an annualized 7.0 percent in Q3 2021 and 6.0 percent year over year in 2021, according to the Conference Board.
• Goldman Sachs continues to increase its efficiency ratio and return on equity, while being reasonably valued near the street's TP of $417.25.

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