Mercadolibre (MELI): New Buy Recommendation for This Technology Giant

By Carrie Williams

Barclays analyst Deepak Mathivanan maintained a Buy rating on Mercadolibre (MELIResearch Report) yesterday and set a price target of $445. The company’s shares closed yesterday at $446.68, close to its 52-week high of $452.43.

According to TipRanks.com, Mathivanan is a 5-star analyst with an average return of 20.4% and a 70.6% success rate. Mathivanan covers the Technology sector, focusing on stocks such as Wix.com Ltd, Yelp Inc, and GrubHub.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Mercadolibre with a $430 average price target, representing a -3.7% downside. In a report issued on February 18, Stifel Nicolaus also maintained a Buy rating on the stock with a $400 price target.

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The company has a one-year high of $452.43 and a one-year low of $257.52. Currently, Mercadolibre has an average volume of 587.5K.

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MercadoLibre, Inc. engages in the provision of online commerce platform with focus on e-commerce and its related services. It operates through the following geographical segments: Brazil, Argentina, Mexico, Venezuela, and Other Countries.