Bank of America Securities Maintained a Buy rating on MercadoLibre (MELI), PT Remains Unchanged

MercadoLibre, Inc. (NASDAQ:MELI) is one of the 10 Best Non-Tech Stocks to Buy and Hold For 3 YearsOn June 24, analyst Robert Ford of Bank of America Securities maintained a Buy rating on MercadoLibre, Inc. (NASDAQ:MELI) with a price target of $3,000.

Analyst Robert Ford likes the company’s strategic progress in advertising and fulfillment. He noted that MercadoLibre, Inc. (NASDAQ:MELI)’s integration with Google’s ad exchange expands its advertising reach, which should increase ad revenue and earnings.

Bank of America Securities Maintained a Buy rating on MercadoLibre (MELI), PT Remains Unchanged

A customer using their phone to access an online commerce platform.

Ford also highlighted the company’s growth in fulfillment centers and inventory centralization, particularly in the fast-moving consumer goods sector. This expansion could double MercadoLibre, Inc. (NASDAQ:MELI)’s addressable market and improve its competitive position in Latin America. Moreover, regardless of the regulatory pressure in Mexico, the analyst believes that the company will maintain its market position.

MercadoLibre, Inc. (NASDAQ:MELI) is a Latin American e-commerce platform that operates in around 18 countries.

While we acknowledge the potential of MELI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MELI and that has 100x upsidepotential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.