10 Ridiculously Cheap Stocks to Buy Right Now

6. Itaú Unibanco Holding S.A. (NYSE:ITUB)

Analyst Upside as of November 25, 2024: 28%

Forward P/E as of November 25, 2024: 7.36

Market Capitalization as of November 25, 2024: $53.7 Billion

Itaú Unibanco Holding S.A. (NYSE:ITUB) is a financial services company that ranks sixth on our list of ridiculously cheap stocks to buy right now. The company is headquartered in Brazil and has more than 70 million clients. The company provides corporate and investing banking, private banking, asset management, and retail business services to customers in 18 countries.

The full-service commercial bank offers discounts, promotions, and exclusive deals for clients every day. The company has a 100-year legacy that is still carrying momentum today. In the third quarter of 2024, Itaú Unibanco Holding S.A. (NYSE:ITUB) generated R$42.7 billion ($7.33 billion) in revenue.

On the customer front, Itaú Unibanco (NYSE:ITUB) has been working to improve its presence digitally. In September, the company launched an update to its Superapp. The new update includes a Security Hub, bringing together all the information against scams and financial fraud. To expand on its data-driven growth strategy, the company now has over 430 data scientists, more than 360 initiatives using generative artificial intelligence, 60 plus machine learning engineers, and over 1,000 AI models currently in use.

Overall, Itaú Unibanco Holding S.A. (NYSE:ITUB) is a prominent name in the financial services industry and we say that because of its dominance in the industry and growing use of technology. Analysts are also bullish on the stock and their median price target represents an upside of 28% from current levels.

Ariel Investments’ Ariel Global Strategy made the following comment about Itaú Unibanco Holding S.A. (NYSE:ITUB) in its Q4 2022 investor letter:

“We initiated two new positions in the quarter. Macro-uncertainty also presented us an opportunity to buy shares of Brazilian financial services company, Itaú Unibanco Holding S.A. (NYSE:ITUB). The company is led by a dynamic CEO, who is utilizing technology in the private banking sector as part of a broader move towards digitization. This strategy is not only reducing distribution costs, but is enabling the creation of new products in high market share areas such as private banking, credit cards, as well as small- and medium-size business lending. An attractive valuation, strong net interest margins and high return on equity are among the attributes motivating our purchase of shares.”