Wall Street Analysts Are Bullish on These 5 Stocks with Increasing Price Targets

In this article, we discuss the 5 stocks receiving price-target hike from Wall Street analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts Are Bullish on These 5 Stocks with Increasing Price Targets.

05. MercadoLibre, Inc. (NASDAQ:MELI)

Upside Potential: 22%

Barclays analyst Trevor Young, in an assessment made on MercadoLibre, Inc. (NASDAQ:MELI), has chosen to retain the company’s “Overweight” recommendation. Additionally, Young has adjusted the price target for MercadoLibre, Inc. (NASDAQ:MELI), increasing it from the previous value of $1575 to a new target of $1625. This reaffirmation of the “Overweight” status and the upward shift in the price target illustrate Young’s positive sentiment towards MercadoLibre, Inc. (NASDAQ:MELI) potential growth and market performance.

The Ithaka Group made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its second quarter 2023 investor letter:

“MercadoLibre, Inc. (NASDAQ:MELI) is the leading e-commerce network/platform in Latin America, connecting merchants and consumers through its industry-leading brands and technology. In addition to its e-commerce prowess, MercadoLibre also owns the dominant regional digital payments platform, MercadoPago. MercadoPago has recently made huge strides in processing payments for off-platform transactions in addition to its longstanding stronghold processing payments for marketplace transactions. MercadoLibre continues to benefit from a flywheel effect, as each business under the company’s umbrella helps bring more users into its ecosystem, leading to more merchants offering more products, which in turn attracts more users. In the quarter MercadoLibre’s underperformance was likely due to overall weakness in the Financial Services sector, and more specifically weakness in the fintech subsector.”