In a report published Friday, Bank of America analyst Robert Ford downgraded the rating on MercadoLibre MELI from Buy to Neutral, but reiterated the $108.00 price target.
In the report, Ford noted, “MELI is well-positioned to benefit from growing regional e-commerce penetration, and we remain highly constructive on MELI's strategic positioning and long-term growth prospects. However, prevailing valuations could leave shares vulnerable to short-term disappointment, in the form of slower growth rates, calendar and currency impacts. Nearly 40% of country contributions come from the currency-controlled and highly inflationary markets of Venezuela and Argentina.”
MercadoLibre closed on Thursday at $100.73.
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