JPMorgan Chase reiterated their overweight rating on shares of MercadoLibre (NASDAQ: MELI) in a research note issued to investors on Monday. The firm currently has a $101.00 target price on the stock, up from their previous target price of $93.00.
“We maintain MELI as an Overweight, increasing our price target to $101 for Dec-13, from $93 previously. We like MELI, as: (1) we expect LatAm internet growth to remain solid; (2) we see large growth potential in online purchases in LatAm; (3) we expect MELI to keep strong bottom-line growth (22% EPS CAGR’13E-15E) and cash generation; (4) company maintains a long-term focus, keeping prices low and investing in improvements to develop the market and protect against potential entrants.,” the firm’s analyst commented.
Other equities research analysts have also recently issued reports about the stock. Analysts at Piper Jaffray cut their price target on shares of MercadoLibre to $103.00 in a research note to investors on Tuesday, February 26th. Separately, analysts at Deutsche Bank raised their price target on shares of MercadoLibre to $90.00 in a research note to investors on Tuesday, February 26th. Finally, analysts at Morgan Stanley reiterated an equal weight rating on shares of MercadoLibre in a research note to investors on Friday, February 15th.
Five equities research analysts have rated the stock with a buy rating, six have assigned a hold rating, and one has given a sell rating to the company. The stock has an average rating of overweight and a consensus target price of $97.50.
Shares of MercadoLibre traded up 0.98% during mid-day trading on Monday, hitting $88.45. MercadoLibre has a one year low of $64.18 and a one year high of $102.98. The stock’s 50-day moving average is currently $85.95. The company has a market cap of $3.905 billion and a P/E ratio of 38.20.
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