Nu Holdings Shares Slide 4.5% After CFO Departure Spurs PT Cut to $10
NU•Nu Holdings shares fell 4.5% after a major brokerage downgraded the stock to Underperform from Neutral and cut its target price to $10 from $16. The downgrade cited uncertainty from CFO Guilherme Lago’s July 13 departure and questioned financial oversight as the bank navigates tougher credit conditions and international expansion.
1. Shares Drop on Downgrade
Nu Holdings shares fell 4.5% after a major brokerage downgraded the stock to Underperform from Neutral, slashing its target price to $10 from $16 and highlighting uncertainty over executive stability.
2. CFO Transition Scheduled
Chief Financial Officer Guilherme Lago will step down on July 13, shifting to a Special Advisor role through August 31, while Rob Livingston, former Visa North America CFO, is set to assume the finance leadership position.
3. Investor Concerns Over Strategy
The transition raised concerns about financial discipline as the bank faces a more challenging credit market in Brazil and pursues expansion into Mexico, Colombia and the United States with new executive oversight.
