Nu Holdings (NYSE:NU) stock gained 3.7% in Wednesday late morning trading after Citigroup double-upgraded the Brazilian fintech to Buy from Sell following better-than-expected second-quarter results, marking its third sell-side upgrade in just a week.
Even with broader macroeconomic concerns, “we see the recent quarters as a testament to the bank’s ability to not only navigate well but also accelerate in key portfolios while maintaining good asset quality,” analyst Gustavo Schroden wrote in a note.
Looking ahead, he added, “we see the earnings momentum as like[y] to accelerate, not only given Brazil and [total payment volume] dynamics but also given tailwinds from Mexico and Colombia and efficiency aiding [return on equity].
BTG Pactual on Monday upped Nu (NYSE:NU) to Buy for the first time since the company’s market debut in late 2021, Bloomberg reported, noting that Itau BBA’s Pedro Leduc also recently lifted his view on the stock to Outperform, marking his first upgrade in nine months.
Meanwhile, the SA Quant system rates NU a Hold, while the average SA analyst and the average Wall Street analyst both view NU a Buy.