Scotiabank Sees 36% Upside On This Latin American E-Commerce Giant

Scotiabank analyst Rodrigo Echagaray upgraded Mercadolibre Inc MELI to Outperform from Sector Perform with a price target of $2,100, up from $2,050, implying a 36% upside.
The shares are down about 20% since he initiated coverage and given his view that the long-term growth opportunities across retail and fintech "remain very appealing" he sees the year-to-date underperformance versus the Nasdaq as "a good entry point."
The analyst noted he adjusted his estimates to reflect higher than expected GMV and take-rates in recent quarters, which results in his estimates having increased "slightly."
Price Action: MELI shares are trading higher by 2.45% at $1540.62 on the last check Monday.

Momentum92.69

Growth97.47

Quality78.01

Value11.20

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Medium

Long

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