Scotiabank Sees 36% Upside On This Latin American E-Commerce Giant

by Shivani Kumaresan, Benzinga Staff Writer

October 25, 2021 1:54 PM | 1 min read | Make a Comment

Scotiabank analyst Rodrigo Echagaray upgraded Mercadolibre Inc MELI to Outperform from Sector Perform with a price target of $2,100, up from $2,050, implying a 36% upside.
The shares are down about 20% since he initiated coverage and given his view that the long-term growth opportunities across retail and fintech "remain very appealing" he sees the year-to-date underperformance versus the Nasdaq as "a good entry point."
The analyst noted he adjusted his estimates to reflect higher than expected GMV and take-rates in recent quarters, which results in his estimates having increased "slightly."
Price Action: MELI shares are trading higher by 2.45% at $1540.62 on the last check Monday.

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