Stifel Upgrades MercadoLibre (MELI) to Buy

Stifel analyst Scott Devitt upgraded MercadoLibre (NASDAQ: MELI) from Hold to Buy with a price target of $380.00.

The analyst sees a buying opportunity in the midst of the recent equity valuation decline noting management appears to have reacted fast to the Correios price increases by locating the right balance between growth and profitability to position MELI well for the LT.

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 $331.84 yesterday.

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