Shares of the Brazilian digital bank Nu Holdings (NYSE: NU) were trading roughly 4.4% higher at 11:09 a.m. ET today after receiving some bullish sentiment from Wall Street.

Bank of America analyst Mario Pierry in a research note increased his earnings estimates for Nu, largely on the belief that the fintech company's funding costs will soon decline.

Pierry raised his estimate for net income in 2022 to -$60 million from his previous estimate of -$211 million. In 2023, he expects Nu to generate a profit of $261 million, as opposed to his previous estimate of -$115M. In 2024, Pierry projects Nu will generate $719 million of net income.

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Source Fool.com