New Street upgraded MercadoLibre (MELI) to Buy from Neutral with a price target of $2,300, up from $2,000. The company “can at the least ride a favorable wave” into 2025 as it can expand Argentine U.S. dollar revenue materially, the analyst tells investors in a research note. The firm says MercadoLibre’s e-commerce has been “very favorable” Q4 while private sector credit is already expanding significantly. With very high e-commerce and Pago App usage, Mercadolibre is “well set to ride this credit cycle,” contends New Street.
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Read More on MELI:
- MercadoLibre upgraded to Strong Buy from Outperform at Raymond James
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- MercadoLibre price target lowered to $2,150 from $2,300 at Cantor Fitzgerald
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