Brazil's rental car firm Localiza falls after Q1 results

About this update from Localiza Rent A Car Sa

** Shares in Brazilian rental car company Localiza BMFBOVESPA:RENT3 slip following its first quarter results** Localiza's shares fall more than 6%, among the biggest losers on Brazil's benchmark stock index Bovespa BMFBOVESPA:IBOV, which gains 0.2%** The firm posted a net profit of 842 million reais ($149.06 million), above the 799.7 expected in an LSEG poll** Analysts at Bradesco BBI say the stock move does not reflect what they see as strong quarterly results and expectations for continuous rental price increases** "We believe the stock can re-rate as the year progresses and Localiza continues to report the factors listed above," they say in a note to clients($1 = 5.6486 reais)

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