- Scotiabank analyst Jason Mollin initiated coverage of PagSeguro Digital Ltd PAGS with an Outperform rating and a $39 price target, implying a 50% upside.
- Mollin rolled out coverage on a trio of Brazilian payments and fintech players, which he noted together represent about 50% of the Brazilian acquiring market's total payment volume or TPV.
- Given PagSeguro's business mix with both acquiring and card issuance through PagBank, potential caps on prepaid cards that would hit interchange revenues would be offset by lower interchange fees/costs in the acquiring business, making concerns about a possible cap on the interchange for prepaid cards "overdone."
- PagSeguro is his top pick among the three payment names just initiated, the analyst noted.
- Price Action: PAGS shares traded higher by 4.95% at $26.06 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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