Stifel Raises Price Target on Mercado Libre (MELI) to $180 Ahead of 3Q Report

Stifel reiterated a Hold rating on Mercado Libre (NASDAQ: MELI), and raised the price target to $180.00 (from $150.00), ahead of the company's 3Q earnings report. Stifel raised 2016 revenue estimates to $818mm from $808mm and 2016 adjusted EBITDA estimates to $205mm from $198mm.

Analyst Scott Devitt commented, "MercadoLibre will report 3Q:16 earnings on Thursday, November 3rd, after the market close. The company has demonstrated strong execution with the roll-out of enhanced services to new geographies and we will look for further evidence of positive trends. Ahead of the 3Q:16 report we are updating our model for FX fluctuations and raising our intermediate/long-term estimates based on the improving adoption of merchant services. We are constructive on what the management team has been able to accomplish, but remain Hold rated with a $180 PT based on valuation."

For an analyst ratings summary and ratings history on MercadoLibre click here. For more ratings news on MercadoLibre click here.

Shares of MercadoLibre closed at $186.49 yesterday.

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