New Street downgraded Nu Holdings to Neutral from Buy with a price target of $8.10, down from $8.25. The analyst says proposed caps on revolving credit card fees in Brazil are not welcomed by Nu or other issuers given potential distortions introduced into credit card economics. Nu’s exposure to revolving fees remains significant, the analyst tells investors in a research note. The firm cites the credit cap overhang, softer macro conditions and a lack of catalysts for the downgrade.
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