Wedbush analyst Scott Devitt lowered the firm’s price target on MercadoLibre (MELI) to $2,400 from $2,600 and keeps an Outperform rating on the shares. The firm notes MercadoLibre delivered mixed results versus expectations. Wedbush believes the expected level of spend will remain an overhang on shares, and upside to operating income will likely be limited in the near-term as the company’s investment cycle becomes better understood.
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