Mercadolibre’s (MELI) Buy Rating Reiterated at Stifel Nicolaus
Mercadolibre (NASDAQ:MELI)‘s stock had its “buy” rating reiterated by equities research analysts at Stifel Nicolaus in a note issued to investors on Sunday. They currently have a $415.00 price target on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 8.68% from the company’s current price.
The analysts wrote, “We believe strong sales momentum continued through the holiday season particularly in Brazil and Mexico on the back of investments in free shipping, customer loyalty, and marketing. Shares have significantly outperformed the market since the last quarterly report on November 2 nd (62% share price appreciation versus 11% for the S&P 500) despite Amazon’s growing presence in Brazil and Mexico and the significant reset in MercadoLibre’s margin profile stemming from investments. We maintain our positive view as we see substantial runway ahead for the company in eCommerce and digital payments as the Latin America region is still in the early innings of development in both areas. We are maintaining our Buy rating and raising our price target to $415.””
Several other research firms have also weighed in on MELI. Zacks Investment Research raised shares of Mercadolibre from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 9th. Credit Suisse Group reaffirmed an “outperform” rating and set a $385.00 price objective (up previously from $380.00) on shares of Mercadolibre in a report on Monday, January 8th. Deutsche Bank set a $335.00 price objective on shares of Mercadolibre and gave the stock a “hold” rating in a report on Thursday, January 4th. Citigroup lowered shares of Mercadolibre from a “neutral” rating to a “sell” rating and set a $230.00 price objective for the company. in a report on Wednesday, December 20th. Finally, BidaskClub raised shares of Mercadolibre from a “buy” rating to a “strong-buy” rating in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $286.98.
Mercadolibre (NASDAQ:MELI) last posted its quarterly earnings data on Thursday, November 2nd. The company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.07. The company had revenue of $370.66 million during the quarter, compared to analyst estimates of $347.29 million. Mercadolibre had a net margin of 7.46% and a return on equity of 25.65%. The company’s revenue was up 60.6% on a year-over-year basis. During the same quarter last year, the business posted $0.88 earnings per share. research analysts expect that Mercadolibre will post 2.43 earnings per share for the current year.
In related news, Director Alejandro Nicolas Aguzin purchased 10,000 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were acquired at an average cost of $274.47 per share, with a total value of $2,744,700.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $2,744,700. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.36% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in MELI. Fieldpoint Private Securities LLC bought a new position in Mercadolibre in the third quarter valued at approximately $104,000. Smithfield Trust Co. boosted its stake in Mercadolibre by 1,025.0% in the third quarter. Smithfield Trust Co. now owns 450 shares of the company’s stock valued at $116,000 after acquiring an additional 410 shares during the last quarter. Toronto Dominion Bank boosted its stake in Mercadolibre by 18.4% in the second quarter. Toronto Dominion Bank now owns 515 shares of the company’s stock valued at $129,000 after acquiring an additional 80 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Mercadolibre in the second quarter valued at approximately $198,000. Finally, Rehmann Capital Advisory Group bought a new position in Mercadolibre in the third quarter valued at approximately $213,000. 89.43% of the stock is currently owned by hedge funds and other institutional investors.
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Mercadolibre Company Profile
MercadoLibre, Inc is an e-commerce company. The Company enables commerce through its marketplace platform in Latin America, which is designed to provide users with a portfolio of services to facilitate commercial transactions. Its geographic segments are Brazil, Argentina, Mexico Venezuela and Other Countries (which includes Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama, Peru, Portugal, Guatemala, Bolivia, Paraguay, Uruguay and the United States of America).
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