Raymond James last night initiated coverage of MercadoLibre with an Outperform rating and $2,350 price target. The firm sees “room for structural share gains” in commerce enabled by the company’s fulfillment, loyalty and artificial intelligence investments. MercadoLibre is also at an early-stage in advertising and its credit card cross-sell opportunity is more than offsetting Latin America macro unevenness, the analyst tells investors in a research note.
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