New Street Research - Nubank (NU:US) New Street: NU US (Buy, TP: $7, +82%) Nu Holdings - Upgrade to Buy: Falling deposit yields sooner than expected

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New Street Research

Soomit Datta

EUR 8954.00 For Business Accounts Only

New Street: NU US (Buy, TP: $7, +82%) Nu Holdings - Upgrade to Buy: Falling deposit yields sooner than expected

Nubank last week announced a change to deposit remuneration, essentially looking to carve out deposits into those which are investment earning (which customers opt into) and those which are float (which will only earn a yield from after 30 days of holding).

18/07/2022 1 EN

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Nubank

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New Street Research

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Analysts

Soomit Datta

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New Street: NU US (Buy, TP: $7, +82%) Nu Holdings - Upgrade to Buy: Falling deposit yields sooner than expected

NU US (Neutral, TP: $12.5, -2%) Nu Holdings Q2 24 Quick Take: In-line, pre-provisioning, moderated growth indicators

TIMS3 (Buy, TP: BRL23, +32%) VIVT3 (Buy, TP: BRL61, +26%) AMX (Buy, TP: $22, +32%) TIM Brasil (Buy) / Brazil Q2 wrap - Strong EBITDAaL beat at TIM / Market round up / Nubank MVNO latest Fintech-Telco offer

PSA Digital Payments: Brazil’s Pix – The Great Equaliser

NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris and Trump on Leadership

Altice Pre-3Q24 Model Update

T-Mobile selling 3.45GHz portfolio

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