After Piper Jaffray and Credit Suisse gave Mercadolibre (NASDAQ: MELI) a Buy rating last month, the company received another Buy, this time from Stifel Nicolaus. Analyst Scott Devitt maintained a Buy rating on Mercadolibre today and set a price target of $460. The company’s shares opened today at $481.49, close to its 52-week high of $484.43.
Devitt wrote:
“We plan to update our model and review our estimates following the completion of the offerings.”
According to TipRanks.com, Devitt is a top 100 analyst with an average return of 21.6% and a 70.5% success rate. Devitt covers the Technology sector, focusing on stocks such as Paypal Holdings, Eventbrite Inc, and Alphabet Inc.
Mercadolibre has an analyst consensus of Moderate Buy, with a price target consensus of $429.50, which is a -10.8% downside from current levels. In a report issued on February 27, Piper Jaffray also maintained a Buy rating on the stock with a $442 price target.
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Based on Mercadolibre’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $2.34 million. In comparison, last year the company had a GAAP net loss of $67.72 million.
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MercadoLibre, Inc. engages in the provision of online commerce platform with focus on e-commerce and its related services. It operates through the following geographical segments: Brazil, Argentina, Mexico, Venezuela, and Other Countries.
