MercadoLibre price target lowered to $1,800 from $2,000 at Wedbush

Wedbush lowered the firm’s price target on MercadoLibre to $1,800 from $2,000 and keeps an Outperform rating on the shares ahead of quarterly results. The firm is reducing its estimates for Argentina ahead of results to capture the impact of the country’s currency devaluation, the pull-forward in demand in Q4, and ongoing macro uncertainty. While recent macro and FX headwinds continue to impact the company’s reported growth in Argentina, conditions in Brazil and Mexico have been broadly stable with some directionally positive trends, as inflation remains relatively modest and interest rates are beginning to decline, Wedbush adds.