Fintel reports that on August 7, 2023, JP Morgan maintained coverage of MercadoLibre (NASDAQ:MELI) with a Overweight recommendation.

Analyst Price Forecast Suggests 22.38% Upside

As of August 2, 2023, the average one-year price target for MercadoLibre is 1,586.21. The forecasts range from a low of 1,313.00 to a high of $2,005.50. The average price target represents an increase of 22.38% from its latest reported closing price of 1,296.16.

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The projected annual revenue for MercadoLibre is 13,172MM, an increase of 8.47%. The projected annual non-GAAP EPS is 14.20.

What is the Fund Sentiment?

There are 1665 funds or institutions reporting positions in MercadoLibre. This is an increase of 89 owner(s) or 5.65% in the last quarter. Average portfolio weight of all funds dedicated to MELI is 1.19%, a decrease of 0.03%. Total shares owned by institutions increased in the last three months by 0.18% to 50,783K shares. The put/call ratio of MELI is 0.98, indicating a bullish outlook.

What are Other Shareholders Doing?

Baillie Gifford holds 6,390K shares representing 12.73% ownership of the company. In it's prior filing, the firm reported owning 6,128K shares, representing an increase of 4.10%. The firm decreased its portfolio allocation in MELI by 11.70% over the last quarter.

Capital Research Global Investors holds 2,809K shares representing 5.60% ownership of the company. In it's prior filing, the firm reported owning 2,872K shares, representing a decrease of 2.23%. The firm increased its portfolio allocation in MELI by 43.86% over the last quarter.

Jpmorgan Chase holds 2,229K shares representing 4.44% ownership of the company. In it's prior filing, the firm reported owning 1,733K shares, representing an increase of 22.26%. The firm decreased its portfolio allocation in MELI by 76.75% over the last quarter.

Jennison Associates holds 2,205K shares representing 4.39% ownership of the company. In it's prior filing, the firm reported owning 2,184K shares, representing an increase of 0.97%. The firm decreased its portfolio allocation in MELI by 56.79% over the last quarter.

VWIGX - Vanguard International Growth Fund Investor Shares holds 1,888K shares representing 3.76% ownership of the company. In it's prior filing, the firm reported owning 1,916K shares, representing a decrease of 1.49%. The firm decreased its portfolio allocation in MELI by 0.81% 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.

Additional reading:

• MercadoLibre, Inc. Second Quarter 2023 Letter to Shareholders Net Revenues of $3.4 billion, up 57.2% year-over-year on an FX neutral basis Income from operations of $558 million, with a 16.3% margin $42.1 billion Total Payment Volume, up 96.6% year-o
• 2023 Long Term Retention Plan MERCADOLIBRE, INC. 2023 LONG TERM RETENTION PROGRAM Effective as of January 1, 2023
• MercadoLibre, Inc. First Quarter 2023 Letter to Shareholders Net Revenues of $3.0 billion, up 58.4% year-over-year on an FX neutral basis Income from operations of $340 million, with a 11.2% margin $37.0 billion Total Payment Volume, up 96.1% year-ov
• List of Subsidiaries
• List of Subsidiary Guarantors for the Registrant’s 2.375% Sustainability Notes due 2026 and 3.125% Notes due 2031