Nubank downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Yuri Fernandes downgraded Nubank to Neutral from Overweight with a price target of $14.50, up from $12. The analyst sees limited upside in the shares following the 62% rally year-to-date. The firm also has concerns on worsening asset quality in Brazil, potential growth deceleration, and weaker currency in the region. Expectations post the stock’s performance “already back in some” of the “good things” and Nubank’s risk to reward appears balanced now, the analyst tells investors in a research note.