5 Best Consumer Cyclical Stocks To Buy Now

In this article, we will be taking a look at the 5 best consumer cyclical stocks to buy now. To read our detailed analysis, you can go directly to see the 11 Best Consumer Cyclical Stocks To Buy Now.

5. Mercadolibre, Inc. (NASDAQ:MELI)

Number of Hedge Fund Holders: 77

Mercadolibre, Inc. (NASDAQ:MELI) is a broad-line retail company. It is based in Uruguay.

Shares of Mercadolibre, Inc. (NASDAQ:MELI) were upgraded from Neutral to Buy on September 1 by Soomit Datta at New Street Research, who also announced a $1650 price target on the stock.

Mercadolibre, Inc. (NASDAQ:MELI) had 77 hedge funds long its stock in the second quarter, with a total stake value of $3.3 billion.

Fred Alger Management mentioned Mercadolibre, Inc. (NASDAQ:MELI) in its second-quarter 2023 investor letter:

“MercadoLibre, Inc. (NASDAQ:MELI) is the largest e-commerce company in Latin America, with its largest markets being Brazil, Argentina, and Mexico. The company offers a comprehensive suite of services, including an online marketplace for buyers and sellers, payment solutions through Mercado Pago, merchant and buyer financing through Mercado Credito, shipping services through Mercado Envios, and asset management through Mercado Fondo, among other services. We believe the e-commerce market within Latin America remains underpenetrated, creating a favorable backdrop for MercadoLibre, as they have been growing and investing heavily to expand its first mover advantage. Moreover, the company’s growing fintech payments business. Mercado Pago. is well-positioned to potentially emerge as a leader in Latin America, as well as an emerging online advertising presence which offers attractive margin expansion potential, in our view. While the company posted strong quarterly results, shares fell on fears that their exposure to Argentina, which saw its currency devalued, would impact company revenues in the near-term.”