Goldman Sachs downgraded DLocal to Neutral from Buy with a price target of $8, down from $16. The company’s growth outlook remains challenging given currency devaluations in Argentina, Nigeria, and now Egypt, continued declines in take rate, as volumes have shifted to local-to-local, and a higher expense base pressuring margins, the analyst tells investors in a research note. The firm also thinks there are still downside risks to DLocal’s guidance.