Brazil PayCos (PAGS/STNE) - Tougher TPV backdrop, taking a breather: PAGS to Neutral from Buy
Despite the Central Bank holding steady last night (keeping SELIC at 13.75%, largely as expected) the downward path for rates in Brazil is clear – and has supported a 50-75% move up in the equities this year for Pagbank (formerly “PagSeguro”) and for StoneCo.
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