Argentine financial services company Grupo Financiero Galicia S.A (NASDAQ:GGAL) has been upgraded by JPMorgan to a neutral rating from underweight. The firm doubled its price target on the stock to $32 from $16 a share.

The stock is up 0.32% or $0.09 after the news, hitting $27.95 per share. About 15,051 shares traded hands. Grupo Financiero Galicia S.A. (ADR) (NASDAQ:GGAL) has risen 45.48% since July 6, 2015 and is uptrending. It has outperformed by 55.89% the SP500.

Grupo Financiero Galicia S.A. operates as a financial services holding company in Argentina. The company operates through Banking, Regional Credit Cards, CFA Personal Loans, and Insurance segments. It offers financial products and services to large corporations, small and medium-sized companies, and individuals, including wholesale banking services; financial support and cash management services; foreign trade; corporate debt and securitization transactions; and e-solutions to various agencies, municipalities, and universities.

The company also provides personal, consumer, and payroll loans, as well as loans to public sector employees; time deposits; checking and savings accounts, credit and debit cards, payroll direct deposits, and other services; insurance; and retirement and pension payments. In addition, it offers mutual funds and brokerage services; insurance brokerage services; manages positions in foreign currency and government securities; and enables customers to buy and sell securities on the Buenos Aires Stock Exchange, as well as acts as an intermediary and distributes financial instruments for institutional investors, corporate customers, and individuals. Further, the company provides life insurance products, such as employee benefit plans and credit related insurance; and property and casualty insurance products comprising home and ATM theft insurance. As of December 31, 2014, it operated 261 full service banking branches; and 1,684 ATMs and self-service terminals. The company was founded in 1905 and is headquartered in Buenos Aires, Argentina.

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