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    The Bull Case For Nu Holdings (NU) Could Change Following Goldman’s Margin-Focused Loan Growth Call - Learn Why

    Simply Wall St·01/05/2026 01:20:34
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    • In December 2025, Goldman Sachs reiterated its Buy rating on Nu Holdings, highlighting the digital bank’s solid growth prospects as it reached about 127 million customers after adding 4.3 million in the third quarter.
    • The bank’s view that Nu Holdings can improve risk-adjusted net interest margins through lower risk costs and higher credit ceilings underscores how its lending model may be evolving as it scales across Latin America.
    • Next, we’ll explore how Goldman Sachs’ confidence in Nu’s loan growth and margin potential could influence the company’s broader investment narrative.

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    Nu Holdings Investment Narrative Recap

    To be a Nu Holdings shareholder, you need to believe its digital-first model can keep converting Latin America’s underbanked population into profitable, engaged customers without letting credit risk get away from it. Goldman Sachs’ reiterated Buy rating and focus on higher risk-adjusted net interest margins supports customer and loan growth as the key short term catalyst, while rising bad loans and pressure from higher funding costs remain the biggest risks and are not removed by this update.

    The most relevant recent announcement here is Nu’s Q3 2025 result, where net income reached US$782.47 million and customer numbers climbed to 127 million. Together with Goldman Sachs’ view on improving risk costs and credit ceilings, that operational performance anchors the current growth and margin story that many investors are watching closely.

    Yet even with strong growth signals, investors should be aware that Nu’s high level of bad loans could...

    Read the full narrative on Nu Holdings (it's free!)

    Nu Holdings’ narrative projects $33.0 billion revenue and $6.1 billion earnings by 2028. This requires 78.1% yearly revenue growth and a $3.8 billion earnings increase from $2.3 billion today.

    Uncover how Nu Holdings' forecasts yield a $18.43 fair value, a 8% upside to its current price.

    Exploring Other Perspectives

    NU 1-Year Stock Price Chart
    NU 1-Year Stock Price Chart

    The Simply Wall St Community’s 23 fair value estimates for Nu range from US$11.88 to US$22, highlighting how far apart individual views can be. When you set that against the reliance on expanding higher risk lending segments to support loan growth, it underlines why you may want to explore several different perspectives before forming a view.

    Explore 23 other fair value estimates on Nu Holdings - why the stock might be worth 30% less than the current price!

    Build Your Own Nu Holdings Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.