Morgan Stanley analyst Jorge Kuri notes PagBank (PAGS) missed earnings, driven by its first-ever TPV contraction, which the firm calls “a clear validation” of its “end of growth thesis.” Meanwhile, the CEO and CFO departures just 60 days after the strategic update suggest “a rethink of the way forward,” argues the analyst, who maintains an Underweight rating and $7 price target on the shares.
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