JPMorgan analyst Marcelo Santos raised the firm’s price target on MercadoLibre (MELI) to $2,650 from $2,600 and keeps a Neutral rating on the shares. The firm cites Argentina “de-risking” following the recent elections for the target bump. However, it remains cautious on the stock, saying consensus estimates have not yet incorporated the effects of MercadoLibre’s more competitive environment in Brazilian e-commerce.
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