DLocal just upgraded at Barclays, here’s why

Barclays analyst John Coffey upgraded DLocal to Equal Weight from Underweight with a price target of $18, up from $15. The firm says that in addition to strong 40%-plus gross profit growth year-to-date and stable mid-70s EBITDA margins, it sees fewer competitor incursions into DLocal’s markets and stronger payment volume growth than anticipated in its May initiation.