REAL-TIME GLOBAL RESEARCH
Risk Reward Update
Research evidence excerpt
Not for redistribution without written consent of Morgan Stanley
M
Update
August 17, 2026 03:37 PM GMT
Morgan Stanley & Co. LLC
dLocal Ltd | Latin America
Jorge Kuri
Equity Analyst
Risk Reward Update
dLocal Ltd (DLO.O, DLO US)
What’s Changed
Uruguay Financial Institutions | Uruguay
dLocal Ltd (DLO.O)
From
To
Price Target
US$14.50
US$15.00
Bull Case
US$23.00
US$24.00
Base Case
US$14.50
US$15.00
Bear Case
US$6.50
US$7.00
Updated Components
EPS
Investment Thesis
Risk Reward for dLocal Ltd (DLO.O) has been updated
Stock Rating
Industry View
Price target
Shr price, close (Aug 14, 2026)
52-Week Range
Fiscal Year Ending
EPS (US$)**
Prior EPS (US$)**
Equal-weight
No Rating
US$15.00
US$14.17
US$16.78-10.64
12/25 12/26e 12/27e 12/28e
0.65
0.78
1.03
1.20
1.18
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
framework
** = Based on consensus methodology
e = Morgan Stanley Research estimates
Reason for change
Updating EPS estimates and PT on the back of 2Q26 results.
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