Shares of MercadoLibre looking like a Buy, Barron’s says

Investors looking for an alternative to the Magnificent Seven could do worse than MercadoLibre – and a recent earnings “disappointment” has created a buying opportunity in the stock of Latin America’s dominant online retailer, Teresa Rivas writes in this week’s edition of Barron’s. There’s a lot to like about this e-commerce and fintech powerhouse, the author says. If the 218M users of MercadoLibre all lived in one country, it would be the most populous in Latin America. The company’s earnings per share more than doubled last year and are expected to climb 80% in 2024. But that didn’t stop MercadoLibre from slumping 10% after reporting earnings on Feb. 23, its largest decline in two years, the publication notes. That seems like an overreaction-and a buying opportunity, Rivas adds.