Mercari upgraded to Buy from Hold at Jefferies

Jefferies analyst Hangil Moon upgraded Mercari to Buy from Hold with a price target of 2,400 yen, down from 3,500 yen. While saying Mercari “is not a cheap stock,” it has traded higher and is now trading near its all-time low price-to-earnings ratio, says the analyst, who calls the rating change “a valuation call.”