PicPay initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of PicPay (PICS) with an Outperform rating and $20 price target The company is well positioned to grow revenue growth at 53% annually rough fiscal 2027, the analyst tells investors in a research note. RBC likes PicPay’s ability to gain share from Brazilian incumbent banks through a structurally lower cost to serve and “differentiated” digital experiences.