Morgan Stanley analyst Jorge Kuri downgraded PagSeguro Digital (PAGS) to Equal Weight from Overweight with a price target of $15, down from $30. Interest rates look set to remain elevated in 2023 and 2024, which will have a negative impact on TPV growth and funding costs and pressure earnings and profitability at both StoneCo (STNE) and PagSeguro, argues Kuri.
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