Morgan Stanley analyst Jorge Kuri downgraded StoneCo (STNE) to Equal Weight from Overweight with a price target of $15, down from $17. 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 and PagSeguro (PAGS), argues Kuri.
Published first on TheFly
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