HSBC upgraded Uruguay-based payments processor dLocal Ltd. to Buy from Hold and lifted its 12-month price target to $15 from $11.50 after the fintech posted quarterly earnings that handily beat EBIT expectations. The bank’s analysts said dLocal has shown lower earnings volatility and clearer financial disclosures over the past year, while recent results highlighted strong transaction volumes, tighter cost control, product innovation and continued capital optimisation. Investors cheered the call, sending the Nasdaq-listed stock up about 20% to $14.05 in Thursday trading, its biggest intraday gain in more than a year and leaving roughly 7% implied upside to HSBC’s new target.