Raymond James upgraded MercadoLibre (MELI) to Strong Buy from Outperform with an unchanged price target of $2,250. The firm believes the company’s margin concerns are likely to fade as its fulfillment utilization rises and credit card vintages mature. MercadoLibre’s utilization will improve following its fulfillment regionalization investments which will offset macro headwinds in Brazil rate hikes, while its maturing credit card vintages are likely to lessen the provisioning headwinds leading a turn in sentiment in possibly the second half of the year, the analyst tells investors in a research note.
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Read More on MELI:
- MercadoLibre upgraded to Strong Buy from Outperform at Raymond James
- MercadoLibre price target lowered, named as a ‘Top Pick’ at Morgan Stanley
- MercadoLibre price target lowered to $1,950 from $2,150 at JPMorgan
- MercadoLibre price target lowered to $2,150 from $2,300 at Cantor Fitzgerald
- MercadoLibre price target lowered to $2,100 from $2,200 at Wedbush