DLocal price target lowered to $17 from $18 at Goldman Sachs

Goldman Sachs analyst Tito Labarta lowered the firm’s price target on DLocal (DLO) to $17 from $18 and keeps a Buy rating on the shares ahead of its Q1 results. The firm notes that the company’s strong TPV growth should help to partially offset pressure on take rates and expenses in the quarter as well as a higher tax rate, and while gross profit is likely to decline sequentially, it should remain on track to deliver on the full year guidance of 22.5-27.5% growth, the analyst tells investors in a research note.