Goldman Sachs downgraded PagBank (PAGS) to Neutral from Buy with a price target of $9, down from $12. the firm expects continued headwinds to the company’s payment volume. PagBank’s TPV growth has sharply declined and its market share has steadily fallen since Q3 of 2024, the analyst tells investors in a research note. Goldman sees further headwinds to the company’s growth, saying macro environment remains challenging. The slower growth has not been priced into the shares, adds the firm.
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