Piper Jaffray Remains Bullish on Mercado Libre (MELI) Despite Potential Headwinds

Piper Jaffray reiterated an Overweight rating and $170.00 price target on MercadoLibre (NASDAQ: MELI) on potential share headwinds. Analyst Gene Munster believes that as the company comes up against strong local currency comp growth metrics, investor sentiment could face a headwind.

Munster commented, "While we remain positive on shares of MELI long-term, we believe that as the company comes up against strong local currency comp growth metrics investor sentiment could face a headwind. MELI trades at a premium given it represents the best investable asset in Latin American eCommerce, in our view, but we believe that this could also make the stock more volatile. As we think about the longer-term opportunity, we continue to be bullish on shares of MELI for the highest quality exposure to Latin American eCommerce."

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 $131.39 yesterday.

You May Also Be Interested In

• MercadoLibre (MELI) PT Lowered to $1,800 at UBS
• E-commerce firm MercadoLibre to increase staff by 30% in 2024
• CSX (CSX) PT Lowered to $44 at UBS