UBS analyst Thiago Batista downgraded Nubank to Neutral from Buy with an unchanged price target of $13.50. The 50% rally in shares year-to-date has priced in all of the company’s current initiatives, the analyst tells investors in a research note. The firm says that while additional material re-rating may come from new initiatives, such as new products to be launched or expansion into new countries, those initiatives will take some time to materialize. It thinks it is “time for a breather” after the share rally.
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