Why StoneCo Stock Jumped on Wednesday

·2-min read
Why StoneCo Stock Jumped on Wednesday

Shares of StoneCo (NASDAQ: STNE) surged sharply higher Wednesday, jumping as much as 8.7%. The catalyst that sent the digital payments and fintech specialist higher was bullish expectations from a Wall Street analyst who began covering the stock. Scotiabank analyst Jason Mollin initiated coverage on StoneCo with a sector perform (hold) rating, but also issued a robust price target of $22.

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