JPMorgan Chase & Co. Lowers MercadoLibre (NASDAQ:MELI) Price Target to $2,600.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for MercadoLibre from $2,700 to $2,600, while maintaining a "neutral" rating on the stock.
• Despite the price target reduction, the firm indicates a potential upside of 15.73% from MercadoLibre's previous close.
• The company reported a missed earnings per share of $10.31 for the last quarter, falling short of analysts' estimates of $12.01.

MercadoLibre (NASDAQ:MELI - Get Free Report) had its price target reduced by analysts at JPMorgan Chase & Co. from $2,700.00 to $2,600.00 in a report released on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 15.73% from the stock's previous close.

A number of other research analysts also recently weighed in on MELI. Benchmark reiterated a "buy" rating and issued a $2,875.00 price objective on shares of MercadoLibre in a research report on Tuesday, August 5th. Jefferies Financial Group reissued a "hold" rating and set a $2,800.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. Daiwa Capital Markets assumed coverage on shares of MercadoLibre in a research note on Friday, August 1st. They set a "buy" rating and a $3,000.00 target price for the company. Susquehanna reissued a "positive" rating and set a $2,975.00 target price (up previously from $2,840.00) on shares of MercadoLibre in a research note on Thursday, June 26th. Finally, Scotiabank assumed coverage on shares of MercadoLibre in a research note on Monday, July 28th. They set a "sector outperform" rating and a $3,500.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $2,822.78.

MercadoLibre Trading Up 3.2%

Shares of MercadoLibre stock opened at $2,246.60 on Friday. The firm has a 50-day simple moving average of $2,386.09 and a two-hundred day simple moving average of $2,340.46. The company has a market cap of $113.90 billion, a P/E ratio of 55.49, a price-to-earnings-growth ratio of 1.42 and a beta of 1.46. MercadoLibre has a fifty-two week low of $1,646.00 and a fifty-two week high of $2,645.22. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts' consensus estimates of $12.01 by ($1.70). The firm had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The company's revenue was up 33.8% on a year-over-year basis. During the same quarter last year, the company posted $10.48 EPS. As a group, equities analysts predict that MercadoLibre will post 43.96 earnings per share for the current fiscal year.

Institutional Trading of MercadoLibre

Several hedge funds have recently made changes to their positions in MELI. Lavaca Capital LLC grew its stake in shares of MercadoLibre by 140,201.3% in the 2nd quarter. Lavaca Capital LLC now owns 1,066,290 shares of the company's stock valued at $2,786,888,000 after buying an additional 1,065,530 shares during the period. Norges Bank purchased a new stake in shares of MercadoLibre in the 2nd quarter valued at approximately $698,848,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of MercadoLibre by 304.7% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 255,103 shares of the company's stock worth $666,744,000 after acquiring an additional 192,071 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of MercadoLibre by 170.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 274,960 shares of the company's stock worth $536,411,000 after acquiring an additional 173,449 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of MercadoLibre by 22.4% in the 1st quarter. Invesco Ltd. now owns 570,967 shares of the company's stock worth $1,113,881,000 after acquiring an additional 104,554 shares during the last quarter. Hedge funds and other institutional investors own 87.62% of the company's stock.

MercadoLibre Company Profile

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.

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