PAGS US (Neutral, TP: $15, +14%) STNE US (Neutral, TP: $17, -2%) Brazil Payments: Taking profits - PagSeguro cut to Neutral; deep dive on StoneCo guide
Since the market lows and the sharp contraction in local bond yields at the end of October last year, the Brazilian PayCo stocks have almost doubled. Further rate cuts (including last night's 50 bps) and better TPV dynamics look to be built into expectations now and, to move the stocks on, we need to see delivery of “Payments Plus” and principally a growing an.d profitable Credit business, as outlined at StoneCo’s in depth investor day in November last year
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