MercadoLibre price target raised to $2,200 from $2,000 at Citi

Citi raised the firm’s price target on MercadoLibre to $2,200 from $2,000 and keeps a Buy rating on the shares. Even amid a challenging quarter, particularly in Brazil, MercadoLibre managed to accelerate gross merchandise volume and deliver one of the best volume growths in years, the analyst tells investors in a research note. The firm says this is the most important takeaway from the Q2 report and the main reason it elevated sales estimates.