AmTech Reiterates Buy on MercadoLibre (MELI); $100 PT
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American Technology Research reiterates its Buy rating and $100 price target on MercadoLibre (Nasdaq: MELI).
As MercadoLibre reported mixed Q1 earnings yesterday after the close, the firm encourages investors to "look past the near-term "lumpiness" in MELI's GAAP opearting margin and recognize the material improvements in the key metrics..." AmTech expects shares of MercadoLibre to pullback, as the stock has nearly doubled from its price in mid-February, and recommends that long-term investors use the opportunity to pick up shares.
AmTech's price target on MercadoLibre represents a potential gain of about 89% from today's price of around $52.83.
Mercadolibre, Inc., together with its subsidiaries, hosts an online trading and payments platform in Latin America.
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