MercadoLibre price target lowered, named as a ‘Top Pick’ at Morgan Stanley

Morgan Stanley lowered the firm’s price target on MercadoLibre (MELI) to $2,400 from $2,450 and keeps an Overweight rating on the shares as Brazil interest rates are increasing and the currency has depreciated. While foreign exchange impacts are a drag, the share price has pulled back about 17% from late-November highs and when incorporating updated forex assumptions, the firm’s 2025 EBIT view only decreases 3%, creating a buying opportunity, says the analyst, who reinstated MercadoLibre the firm’s Top Pick among the analyst’s coverage.