Jefferies Upgrades MercadoLibre (MELI)
Fintel reports that on May 20, 2024, Jefferies upgraded their outlook for MercadoLibre (NasdaqGS:MELI) from Hold to Buy.
Analyst Price Forecast Suggests 12.58% Upside
As of May 8, 2024, the average one-year price target for MercadoLibre is 1,969.20. The forecasts range from a low of 1,414.00 to a high of $2,268.00. The average price target represents an increase of 12.58% from its latest reported closing price of 1,749.17.
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The projected annual revenue for MercadoLibre is 16,303MM, an increase of 4.37%. The projected annual non-GAAP EPS is 22.41.
What is the Fund Sentiment?
There are 1,907 funds or institutions reporting positions in MercadoLibre. This is an increase of 58 owner(s) or 3.14% in the last quarter. Average portfolio weight of all funds dedicated to MELI is 1.00%, an increase of 6.14%. Total shares owned by institutions decreased in the last three months by 1.61% to 50,255K shares. 
The put/call ratio of MELI is 1.07, indicating a bearish outlook.
What are Other Shareholders Doing?
Baillie Gifford holds 5,037K shares representing 9.93% ownership of the company. In its prior filing, the firm reported owning 5,383K shares , representing a decrease of 6.88%. The firm decreased its portfolio allocation in MELI by 11.64% over the last quarter.
Capital Research Global Investors holds 2,360K shares representing 4.66% ownership of the company. In its prior filing, the firm reported owning 2,627K shares , representing a decrease of 11.32%. The firm decreased its portfolio allocation in MELI by 20.52% over the last quarter.
Jpmorgan Chase holds 2,077K shares representing 4.10% ownership of the company. In its prior filing, the firm reported owning 2,123K shares , representing a decrease of 2.23%. The firm decreased its portfolio allocation in MELI by 90.77% over the last quarter.
Jennison Associates holds 1,797K shares representing 3.55% ownership of the company. In its prior filing, the firm reported owning 2,132K shares , representing a decrease of 18.58%. The firm decreased its portfolio allocation in MELI by 61.18% over the last quarter.
VWIGX - Vanguard International Growth Fund Investor Shares holds 1,361K shares representing 2.68% ownership of the company. In its prior filing, the firm reported owning 1,637K shares , representing a decrease of 20.35%. The firm decreased its portfolio allocation in MELI by 21.71% over the last quarter.
MercadoLibre Background Information
(This description is provided by the company.)
Founded in 1999, MercadoLibre is the largest online commerce ecosystem in Latin America, serving as an integrated regional platform and as a provider of the necessary online and technology-based tools that allow businesses and individuals to trade products and services in the region. The Company enables commerce through its marketplace platform (including online classifieds for motor vehicles, services and real estate), which allows users to buy and sell in most of Latin America.
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This story originally appeared on Fintel.