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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Read More on MELI:
- MercadoLibre downgraded to Hold from Buy at Jefferies
- MercadoLibre price target raised to $3,000 from $2,500 at UBS
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