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Shares were down 2.4% on Friday, but are up 41% so far this year.
UBS raised its price target to $1,600 from $1,500 and reiterated its Buy rating on the South American retailer. The stock currently trades around $1,209.
“We believe MELI is well positioned to continue gaining market share in both e-commerce and fintech while expanding margins,” the analysts wrote.
MercadoLibre’s Brazil e-commerce platform outperformed the industry in the first half of this year and “there is no reason to expect a change for 2Q23,” the analysts wrote. The company is undergoing another round of tweaks to its flat fees and freight costs for the commerce business in Brazil, starting July 3, the analysts said.
