Goldman Sachs analyst Tito Labarta upgraded Cielo to Neutral from Sell with a price target of R$5.70, up from R$4.80. The analyst sees "upside risks" to consensus estimates, due to potential cost savings from the recently authorized cap on prepaid interchange. In addition, the stock’s valuation is "relatively undemanding," Labarta tells investors in a research note.
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Published first on TheFly