We are maintaining our Hold on Banco de Chile (BCH), but raising our target price to $52. BCH posted fourth quarter net earnings of Ch$78,715 million, up 86% year-over-year. We expect Banco de Chile's strong results over the past few years to moderate. Specifically, we expect gains in the efficiency ratio to slow from its past torrid pace, and outsized increases in non-interest income to diminish. As a result, we believe that EPS growth over the next few years... [More...]