Wedbush analyst Scott Devitt raised the firm’s price target on MercadoLibre to $1,800 from $1,700 to reflect the latest views heading into 2024, while keeping an Outperform rating on the shares. The firm notes MercadoLibre is the leading e-commerce platform in Latin America, with the largest market share of online retail in its three key markets of Brazil, Argentina, and Mexico in addition to operating a scaled digital financial services business that is on pace to process over $176B in payments volume this year on a path to $221B in 2024.
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