Needham Starts Nu Holdings (Nubank) (NU) at Buy

Needham analyst Kyle Peterson initiates coverage on Nu Holdings (Nubank) (NYSE: NU) with a Buy rating and a price target of $17.00.

The analyst comments: “We are initiating coverage of Nu Holdings (NU) with a BUY rating and a $17 price target. NU operates as a neobank and digital lending platform with a heavy focus in Brazil. Importantly, we believe that NU is the largest global neobank with over 135 million customers, and has a dominant foothold in Brazil (60% of the adult population uses NU). We believe this gives NU a scaled and profitable customer base that can fuel growth in other LatAm markets (Mexico, Colombia), make strategic investments such as the investment in Tyme Bank (a large South Africa/Philippines neobank), and fund organic expansion into the US, which we expect will start operations within the next year. Our $17 price target is based on an FY27 P/E multiple of 17x.”

For an analyst ratings summary and ratings history on Nu Holdings (Nubank) click here. For more ratings news on Nu Holdings (Nubank) click here.

Shares of Nu Holdings (Nubank) closed at $12.46 yesterday.

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