Morgan Stanley Is Near Bull Case On Mercadolibre Ahead Of Investor Day

In a report published Tuesday, Morgan Stanley analyst Michel Morin reiterated an Underweight rating on Mercadolibre MELI, and raised the price target from $64.00 to $67.00. In the report, Morgan Stanley noted, “MELI is scheduled to host an investor day on October 15th. The company last hosted a similar event three years ago, during which management outlined its milestones and long-term growth potential as the leader in a market with powerful secular drivers,along with a set of key initiatives to capture this growth.For the upcoming event, we look for a progress report on more recent initiatives around mobility and shipping,and we expect management to address questions around the prospect of increasing competition in Brazil and of an evolving payments market, given plans for Apple to enter the market and for eBay to spin off Paypal.” Mercadolibre closed on Monday at $109.05.