NU US (Neutral, TP: $8.5, from $8.1) Nu Holdings - Q3 23: Updated estimates; Loan book miss in focus
NU reported Q3s after close last night. Financials were generally a touch ahead of formal sell side expectations (revenue 4%, NII 3%) though the market seemed to be geared up for a stronger beat. The net loan book, furthermore, missed by 8% and was a focus of concern on the earnings call; the miss coming from a combination of FX (sell side not seemingly capturing quarter-end BRL weakness), a small accounting change (>1% of the miss), but ultimately the anticipated sequential acceleration not quite coming through; management also talked about a near-term slowdown in Mexico lending following recent strong growth.
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