Morgan Stanley raised its price target on Nu Holdings to $21 from $18 and reiterated an Overweight rating after a roundtable with the company's CFO that reinforced the bank’s long-term compounding growth trajectory. The analyst also revised earnings forecasts higher, citing consensus estimates as overly conservative.

In the fourth quarter of 2025, Nubank reported revenue of $4.9 billion and net income of $895 million, marking year-over-year gains of 45% and 50% respectively. The digital bank closed the year with 131 million customers—adding 17 million net users—and delivered a return on equity of 33%.

Nubank continues investing in its core Latin American markets of Brazil, Mexico and Colombia while preparing for a U.S. market entry. This expansion is central to its strategy of evolving into a global digital banking platform with diversified revenue streams.