Nu Holdings’ entry into the U.S. market earlier this month could drive a sharp rally in its shares, according to Goldman Sachs. The investment bank maintains a buy rating on the Brazil-based digital lender and has set a $23 price target, implying approximately 69% upside from the previous close.
“While the U.S. banking market is among the most competitive globally, it offers an addressable consumer lending market of $1.5 trillion—seven times the size of Brazil,” analyst Tito Labarta wrote in a client note Wednesday. “We believe Nu’s ultra-low-cost digital model, combined with a superior consumer experience, positions it to gain traction successfully.”
Goldman Sachs estimates that every 2 percentage points of U.S. market share captured could add roughly $500 million to Nu’s earnings. Such gains would likely buoy the stock, provided the company manages expenses effectively, Labarta noted. He flagged elevated marketing costs as a key risk to international expansion but emphasized that Nu has “consistently demonstrated an ability to grow without overspending.”
The bullish stance aligns with broader Wall Street sentiment. According to LSEG data, 15 of the 18 analysts covering Nu Holdings rate the stock a buy or strong buy. Despite a nearly 19% decline in 2026 year-to-date, shares traded roughly flat on Thursday amid broader market weakness.
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