金吾财讯 | 巴西金融科技巨头Nu Holdings(NU)早盘走低，盘中跌幅5.03%，报价 11.33美元。
消息面上，Susquehanna 下调其投资评级，机构将个股评级由看涨下调至中性，目标价自 18 美元下修至 13 美元，调整逻辑落脚于公司利润率走弱与新一轮资本投入周期。机构分析师詹姆斯・弗里德曼在研报中指出，2026 年一季度公司营业利润率回落 760 个基点至 19.2%，巴西信用卡业务加码、墨西哥与美国市场跨境拓张共同挤压盈利空间。叠加巴西本土 CFO 拉戈离任、前维萨北美高管利文斯顿履新，公司落地全球加区域双线财务架构，管理层变动或提速全球化布局节奏，进一步抬升短期资本开支。
Susquehanna 研判企业迈入高投入扩张阶段，因此下调盈利预期。市场各方观点出现分化，Seeking Alpha 量化评级给出持有结论，平台撰稿人偏向买入，而华尔街分析师整体维持强力买入评级，多空分歧持续左右该股短期估值表现。
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