Nubank Notches Third Buy Upgrade in a Week After Earnings Beat

Shares in Brazil’s Nu Holdings Ltd. hit their highest in a month on Wednesday after Citigroup Inc. became the latest bank to upgrade the fintech following a quarterly earnings beat and a positive outlook on the fintech’s asset quality.

Citi analysts made a double upgrade — to buy from sell — late Tuesday, as they see new initiatives in credit paying off. On Monday, BTG Pactual raised Nubank, as the Brazilian fintech in known, to buy for the first time since the company went public in 2021. Itau BBA analyst Pedro Leduc has also upgraded the stock’s rating to outperform for the first time in nine months.