Scotiabank starts PagSeguro Digital at Outperform amid 'overdone' cap concerns
Scotiabank analyst Jason Mollin initiated coverage of PagSeguro Digital with an Outperform rating and $39 price target as he 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, Mollin said 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 potential cap on the interchange for prepaid cards "overdone." PagSeguro is his top pick among the three payment names just initiated, the analyst noted
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