PagBank price target lowered to $15.50 from $16.50 at UBS

UBS lowered the firm’s price target on PagBank to $15.50 from $16.50 and keeps a Buy rating on the shares. The company should continue to benefit from solid payment volume growth, a rational pricing environment and deposits expansion, the analyst tells investors in a research note. The firm, however, dropped estimates to reflect higher expenses and the effects of higher interest rates for longer.