New Street: STNE US (Neutral, TP: $82, +64%) StoneCo Q2 Quick Take: Credit dominates, Outlook still unclear
As expected credit problems at Stone largely dominated Q2 results and a fair value adjustment of the book and a sharp slow down in credit revenue drove a huge miss (46%) versus formal consensus revenue. Going into results we had spoken to investors wondering if credit issues were now all in the price.
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