Reported 1 day ago
JP Morgan analyst Marcelo Santos has upgraded MercadoLibre's (NASDAQ:MELI) price target from $2600 to $2700, despite expressing concerns over increasing competition in the e-commerce market. Following the company's strong Q2 earnings report, which revealed a 33.9% year-over-year revenue growth to $6.79 billion, Santos maintained a Neutral rating on the stock. MELI's growth is supported by its expanding e-commerce and fintech sectors as well as its logistics improvements in Latin America. However, with a high forward P/E ratio of 49.99x and the rising competition, Santos cautions investors while noting the stock's potential upside.
Source: YAHOO