MercadoLibre price target lowered to $2,560 from $2,650 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on MercadoLibre (MELI) to $2,560 from $2,650 and keeps an Overweight rating on the shares. The firm sees Q4 exit rate momentum supporting MercadoLibre’s growth setup into Q1, noting in a preview that it is forecasting Q1 U.S. dollar GMV growth of 14% year-over-year, or 37% ex-forex, flowing through to 30% year-over-year revenue growth. However, its Q1 EBIT view was revised 5% lower and is now in-line with consensus, the analyst noted.