New Street upgrades ‘globally cheap’ PagSeguro Digital to Buy

New Street upgraded PagSeguro Digital (PAGS) to Buy from Neutral with a $14 price target. Total payment volume momentum at the Brazil payment companies is getting better, and notably so at PagSeguro, the analyst tells investors in a research note. The firm says Q2 of 2023 looks set to be the trough for market TPV, accelerating year-over-year from Q3 onwards. This is especially true for PagSeguro , which should see the largest recovery as it “better defends” enterprise and small business “becomes ever more relevant,” contends New Street. It views PagSeguro as “globally cheap” with shares of StoneCo (STNE) “less compelling.” New Street keeps a Neutral rating on StoneCo with a $16 price target.