Scotiabank analyst Hector Maya initiated coverage of MercadoLibre (MELI) with an Outperform rating and $3,500 price target that is the “highest on the street.” MercadoLibre continues to “broaden its peerless moat” with unparalleled logistics and tech capabilities after about 25 years of investment in Latin America, says the analyst, who calls the stock the firm’s new “LatAm Retail Top Pick.” The firm views MercadoLibre as “uniquely well positioned to continue driving the move from physical to online retail in LatAm,” the analyst added.
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