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StoneCo raised to Buy at BofA after strong Q3 results (NASDAQ:STNE)

by Index Investing News
November 16, 2023
in Financial
Reading Time: 1 min read
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StoneCo (NASDAQ:STNE) stock gained 3.2% in Thursday morning trading after Bank of America upgraded shares of the Brazilian fintech to Buy from Neutral to reflect its robust third-quarter results.

Even though the stock has rallied 21.2% just in the past five sessions, analyst Mario Pierry reckons rising consensus forecasts will support “share performance over the next months,” he wrote in a note.

Pierry expects the company to deliver net income compound annual growth rate of 31% from 2024 to 2027, supported by revenue growth and operating leverage.

Furthermore, “there is an increased sense of urgency on costs, which we think should yield better results this time,” the note said.

His Buy rating aligns with the SA Quant system rating of Strong Buy and the average sell-side analyst rating of Buy.



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