JPMorgan upgraded MercadoLibre (MELI) to Overweight from Neutral with a price target of $2,800, up from $2,650. The firm cites valuation for the upgrade following the stock’s recent underperformance. Shopee increased its take rates last week, “signaling a more benign competitive environment,” the analyst tells investors in a research note. JPMorgan also no longer sees material downside risk to MercadoLibre’s consensus estimates for 2026 and 2027. The company should be able to “sustain a good pace of growth” in Brazil in Q4 of 2025, above 30%, adds the firm.
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