On October 27, 2026, Citigroup downgraded XP Inc. from Buy to Neutral. It lowered its price target from $25.00 to $15.00.
The move followed a sell-off the previous day, when XP shares fell more than 48%. The decline came after Luiz Inácio Lula da Silva’s surprise reelection in Brazil’s presidential election overturned investor expectations for a more market-friendly government and triggered a broad sell-off in Brazilian assets.