New Street: PAGS US (Buy, TP: $75, +30%) STNE US (Neutral, TP: $50, +24%) Brazilian Payments: StoneCo TP cut/Credit remodelled; Sticking with PagSeguro
Perhaps the question we've had the most of late is: "Is it time to buy StoneCo?" The stock has underperformed PagSeguro by >50% YTD on the back of a faltering Credit model and the rising rates cycle. While this is moreoreless in the price, we think, all we have really seen is an excessive premium erode rather than a genuine discount open up on earnings; our target moves from USD82 to USD50 (of which USD16 is the credit cut and USD5 is FX).
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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