PagBank downgraded to Neutral from Buy at New Street

New Street analyst Soomit Datta downgraded PagBank to Neutral from Buy with a price target of $15, up from $14. Since the market lows and the sharp contraction in local bond yields at the end of October last year, the Brazilian payment company stocks have almost doubled, the analyst tells investors in a research note. The firm cites valuation for the downgrade of PagBank following the stock’s “stellar run.”