Citi analyst Gabriel Gusan upgraded PagSeguro Digital to Buy from Neutral with an unchanged price target of $12. The shares have significantly underperformed since February and now offer enough potential upside for a Buy rating, the analyst tells investors in a research note. The firm still sees many factors, like the macro environment, churn, fixed pricing and competition, pressuring PagSeguro’s micro-merchant segment and says the lack of guidance does not help on the visibility front. Yet, given the stock underperformance since February and virtually "no changes to macro/micro since then," Citi upgrades the shares.
Published first on TheFly
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