Scotiabank Initiated MercadoLibre, Inc (MELI) With a Buy Rating

MercadoLibre, Inc. (NASDAQ:MELI) is one of the Best All-Time High Stocks to Buy According to AnalystsOn July 28, Scotiabank analyst Hector Maya initiated coverage on MercadoLibre, Inc. (NASDAQ:MELI) with a Buy rating and a $3,500 price target.

The analyst calls the stock “LatAm Retail Top Pick,” noting that the company has built a peerless moat with its more than 25 years of investment in Latin America. Analyst Maya noted that the company has built a network of unmatched logistics and technological capabilities that enable the company to enjoy a peerless market.

Scotiabank Initiated MercadoLibre, Inc (MELI) With a Buy Rating

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

Moreover, the analyst also believes that MercadoLibre, Inc. (NASDAQ:MELI) is uniquely positioned to lead the ongoing shift from physical retail to online shopping in Latin America, which justifies the firm’s highest on-the-street target for the stock.

MercadoLibre, Inc. (NASDAQ:MELI) is a leading e-commerce platform in Latin America, operating in around 18 countries. The company provides an ecosystem of services, including Mercado Pago, Mercado Envios, Mercado Ads, and Mercado Shops.

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 upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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