Why StoneCo Stock Jumped on Wednesday

Shares of StoneCo (NASDAQ: STNE) surged sharply higher Wednesday, jumping as much as 8.7%. As of 11:57 a.m. ET, the stock was still up 8.4%

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. His new estimate would represent potential upside for investors of more than 41% over the coming year, compared with the stock's closing price on Tuesday.

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Source Fool.com