PagBank upgraded to Buy on better market dynamics at New Street

New Street analyst Soomit Datta upgraded PagBank to Buy from Neutral with a price target of $18, up from $15. The company’s strong Q4 results and “reassuring “one-year guidance indicate better market dynamics and a “still compelling valuation narrative,” the analyst tells investors in a research note. The firm says volumes are running ahead of estimates as PagBank successfully pushes into the small business segment. It cites fundamentals for the upgrade to Buy.