- Scotiabank analyst Rodrigo Echagaray upgraded Mercadolibre Inc (NASDAQ: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.
Amazon, Bank of America, Microsoft And Other Big Gainers From Monday
U.S. stocks closed higher on Monday, with the Dow Jones gaining around 550 points. Here is the list of some big stocks recording gains in the previous session.
