Raymond James Cuts MercadoLibre (MELI) Price Target, Stays Bullish

MercadoLibre, Inc. (NASDAQ:MELI) is one of the 10 Best Aggressive Growth Stocks to Buy According to Wall Street Analysts. On May 8, Raymond James reduced its price target on MercadoLibre, Inc. (NASDAQ:MELI) from $2,250 to $2,000 while keeping a Strong Buy rating on the stock.

The research firm said the lower price target is based on reduced estimates and a valuation of 23 times the company’s expected 2028 earnings. Raymond James noted that this valuation is near the lower end of the company’s historical trading range.

Raymond James Cuts MercadoLibre (MELI) Price Target, Stays Bullish

According to Raymond James, the lower valuation also reflects a period of increased investment by MercadoLibre, Inc. (NASDAQ:MELI). The research firm said that it still sees an attractive risk and reward profile for the company because of its compounding network effects across its commerce, payments, logistics, and advertising businesses.

Raymond James also said that the market does not fully appreciate MercadoLibre, Inc.’s (NASDAQ:MELI) medium- to long-term profit margin potential.

MercadoLibre, Inc. (NASDAQ:MELI) is the leading e-commerce and financial technology company in Latin America with a presence in 18 countries.

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