DLocal Limited (DLO) PT Lowered to $16 at JPMorgan

JPMorgan analyst Guilherme Grespan lowered the price target on DLocal Limited (NASDAQ: DLO) to $16.00 (from $18.00) while maintaining a Overweight rating.

The analyst comments "We update our dLocal model for 4Q24 results. For 2025, we cut our net earnings forecast by 10% to US$159mn, or ~US$182mn adjusted profit ex-SBC. For 2026, we cut our earnings forecast by 10% to US$204mn, or US$230mn ex-SBC. We now stand at 11% above BBG consensus for 2025 (7 estimates) and roughly in line for 2026 (6 estimates), although analyst adjustments on BBG may not be comparable. All in, we lower our December 2025 price target to US$16 per share (from US$18). We remain Overweight with the stock now trading at 11x 2026E P/E."

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