MercadoLibre (MELI) PT Lowered to $1,940 at Citi

Citi analyst Tobias Stingelin lowered the price target on MercadoLibre (NASDAQ: MELI) to $1,940.00 (from $1,990.00) while maintaining a Buy rating.

The analyst said: "We update our model to reflect 4Q23 results and a slightly more conservative view on short-term margins (both GM and EBIT) in light of greater logistics investments. We keep a Buy rating and reinforce our confidence in MELI’s ability to grow commerce above the industry, especially in Brazil where players prioritize P&L/BS vs. growth. On the fintech side, we also expect TPV to reflect the company’s goal of growing among larger merchants – even at the cost of a lower take rate. The thesis remains solid, albeit we note expectations remain high for continuous margin expansion in conjunction with market share gain."

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