PAGS US (Buy, TP: $14, +50%) STNE US (Neutral, TP: $16, +35%) Brazil PayCos - Upgrade Pagbank/PagSeguro to Buy
Rate cuts are up and running in Brazil and the Payment companies are heavily geared in on the upside. The market is anticipating a further downward revision to SELIC next Weds (Sept 20th). Furthermore, Q2 is likely to prove the trough quarter for market TPV with volumes, most notably at Pagbank (formerly PagSeguro), set to accelerate in H2.
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