MercadoLibre price target lowered to $2,450 from $2,480 at Citi

Citi analyst Joao Pedro Soares lowered the firm’s price target on MercadoLibre (MELI) to $2,450 from $2,480 and keeps a Buy rating on the shares. The company’s Q3 results “left an important reminder” that it will re-invest in the business from time to time, and this may pressure its EBIT margin, the analyst tells investors in a research note. The firm says how long this investment cycle will last is a lingering question. However, Citi remains buyers of the stock and has confidence that these investments will preserve MercadoLibre’s “dominance in the region, which is critical to the case.”