UPDATE: J.P. Morgan & Co. Reiterates Overweight Rating, Lowers PT on MercadoLibre
In a report published Monday, J.P. Morgan & Co. reiterated its Overweight rating on MercadoLibre (NASDAQ: MELI), but lowered its price target from $100.00 to $93.00.
J.P. Morgan noted, “We remain positive on MELI, keeping our OW rating, as we see it as one of the best vehicles for exposure to the strong fundamentals of LatAm internet. In this report we explore the evolution of the Brazilian e-commerce market, which is growing fast but still has a significant way to go, in our view. We believe MELI trades at an attractive multiple (27x P/E 12m fwd) for a fast growing company (26% EPS CAGR'13E-15E). However, we reduce our price target to $93 on slightly lower market place growth coupled with weaker FX expectations.”
MercadoLibre closed on Friday at $74.88.
Latest Ratings for MELI
|May 2016||JP Morgan||Maintains||Neutral|
|Apr 2016||Cowen & Company||Initiates Coverage on||Market Perform|
|Mar 2016||JP Morgan||Maintains||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.