Nu Holdings initiated with a Buy at Redburn Atlantic

Redburn Atlantic analyst Gonzalo Lopez initiated coverage of Nu Holdings with a Buy rating and $11 price target. Nubank is the world’s premier neobank and its equity story continues to improve, the analyst tells investors in a research note. The firm says the company has penetrated only 2% of a $2.7 trillion addressable market in Brazil and is “poised for growth in high-return, low-risk payroll lending over the next three years.” Redburn views the equity story as “compelling.”