STNE US (Neutral, TP: $17, +5%) PAGS US (Neutral, TP: $15, +15%) Brazil Payments - Caught in the Crossfire? / Abecs data; STNE/PAGS
With Banco do Brasil and Bradesco set to take Cielo private (tender launched Feb 5), potentially in time trying to emulate renewed commercial efforts from Itau, the market is concerned that StoneCo, more exposed to the higher-end SME segment, and PagSeguro (to a lesser degree) could be caught in the cross fire.
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