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UPDATE: J.P. Morgan & Co. Reiterates Overweight Rating, Lowers PT on MercadoLibre

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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

DateFirmActionFromTo
Mar 2017BarclaysInitiates Coverage OnOverweight
Jan 2017Bank of AmericaUpgradesNeutralBuy
Dec 2016Goldman SachsUpgradesNeutralBuy

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Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

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