UPDATE: JP Morgan Upgrades MercadoLibre to Overweight on Secular Strength

JP Morgan raised its rating on MercadoLibre (NASDAQ: MELI) from Neutral to Overweight and increased its price target from $88 to $100.

JP Morgan noted, "We upgrade MELI to Overweight and raise our PT to $100 following strong trends reported yesterday in 2Q12 earnings (revs + 28% y/y; EBITDA +46%; Net Income + 71%), with the secular story of e-commerce adoption across LatAm outweighing the negative effects of the macro slowdown in the region. Valuation has also become supportive after a 35% decline in the share price (vs. MSCI LatAm -16%) since Feb/12."

MercadoLibre closed at $66.52 on Thursday.

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