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MercadoLibre downgraded to Hold on valuation at Jefferies

Jefferies last night downgraded MercadoLibre (MELI) to Hold from Buy with a price target of $2,800, up from $2,450. The firm cites the company’s higher levels of profitability and cash flow in 2029 and beyond for the target increase. It continues to view MercadoLibre as a high quality long-term holding in Latin America, “with multiple ongoing growth opportunities.” However, with the shares up over 50% year-to-date and following a strong relative performance in 2023, it downgrades the shares on valuation.

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