Goldman Sachs is bullish on Nu Holdings, citing continued customer growth and its low-cost approach to expansion. The bank’s analysts see further upside for the stock despite a recent pullback, which they view as a valuation reset rather than a sign of weakening fundamentals.
Nu added nearly 4 million customers in the second quarter, bringing its global total to 139 million. Brazil accounted for nearly 118 million users. Nu had 15.8 million customers in Mexico and 5 million in Colombia.
Goldman is particularly optimistic about Nu’s potential entry into the U.S. market. The bank cites the company’s low-cost digital model and strong consumer experience as advantages in gaining market share.
Analysts at Rothschilds, Needham, UBS and JPMorgan Chase also have bullish outlooks. Their price targets range from $17 to $20. Nu shares trade at around $13.43. The stock recently fell 30% from its all-time high, and analysts suggest a technical rebound is likely.