In a report released today, Scott Devitt from Wedbush maintained a Buy rating on Mercadolibre (MELI – Research Report), with a price target of $2,000.00. The company’s shares closed yesterday at $1,817.98.
Devitt covers the Consumer Cyclical sector, focusing on stocks such as Amazon, Booking Holdings, and Mercadolibre. According to TipRanks, Devitt has an average return of 14.7% and a 53.14% success rate on recommended stocks.
Currently, the analyst consensus on Mercadolibre is a Strong Buy with an average price target of $1,960.00, which is a 7.81% upside from current levels. In a report released today, Morgan Stanley also maintained a Buy rating on the stock with a $2,065.00 price target.
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Based on Mercadolibre’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $3.76 billion and a net profit of $359 million. In comparison, last year the company earned a revenue of $2.69 billion and had a net profit of $129 million
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Mercadolibre (MELI) Company Description:
Founded in 1999, Argentina-based MercadoLibre, Inc. provides the largest online commerce and payments ecosystem in Latin America. The company provides users a mechanism for buying, selling and paying as well as collecting, generating leads, and comparing lists through e-commerce transactions. It has operations in 18 countries including, Argentina, Brazil, Mexico, Colombia, Chile, Venezuela and Peru.
Read More on MELI:
- MELI Earnings: Q4 Profit Falls Short on Tax Hit, Stock Plunges
- MercadoLibre, Inc. Reports Fourth Quarter 2023 Financial Results
- Mercadolibre, Inc. (MELI) Q4 Earnings Cheat Sheet
- MercadoLibre, Inc. to Report Fourth Quarter 2023 Financial Results
- Amazon denies stifling competition in Mexico, Reuters reports
