MercadoLibre Soars 20% Amid Strong Earnings, Upgrades

MercadoLibre Inc MELI rallied nearly 20 percent Friday amid strong earnings and analyst upgrades. Bank of America upgraded the stock and Deutsche Bank raised its price target from $93 to $100 while maintaining a Hold raring.

The company reported Q3 EPS of $0.76 versus the estimated $0.65. Revenue came in at $147.90 million versus the estimated $130.99. Sales were Up 20 percent year over year.

Deutsche Bank analyst Ross Sandler noted that "Revenue and EBITDA were 29 percent and 48 percent above our estimates with all key geographies exceeding our estimates. MELI remains one of the best ways to play the attractive growth in Latam e-commerce, both on marketplaces and huge strategic value in payments."

Investors pushed the stock higher while Sandler commented that "despite being generally upbeat on the story and having missed the entire move, we remain on the sidelines for more compelling entry points."

MercadoLibre Inc recently traded at $137, up 18.9 percent.