Fintel reports that on September 27, 2024, Raymond James initiated coverage of MercadoLibre (NasdaqGS:MELI) with a Outperform recommendation.
Analyst Price Forecast Suggests 12.78% Upside
As of September 25, 2024, the average one-year price target for MercadoLibre is $2,324.76/share. The forecasts range from a low of $1,818.00 to a high of $2,803.50. The average price target represents an increase of 12.78% from its latest reported closing price of $2,061.35 / share.
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The projected annual revenue for MercadoLibre is 16,303MM, a decrease of 4.71%. The projected annual non-GAAP EPS is 22.41.
What is the Fund Sentiment?
There are 2,000 funds or institutions reporting positions in MercadoLibre. This is an increase of 59 owner(s) or 3.04% in the last quarter. Average portfolio weight of all funds dedicated to MELI is 0.92%, an increase of 3.30%. Total shares owned by institutions increased in the last three months by 0.52% to 50,816K shares. 
The put/call ratio of MELI is 1.30, indicating a bearish outlook.
What are Other Shareholders Doing?
Baillie Gifford holds 4,846K shares representing 9.56% ownership of the company. In its prior filing, the firm reported owning 5,037K shares , representing a decrease of 3.93%. The firm increased its portfolio allocation in MELI by 4.74% over the last quarter.
Capital Research Global Investors holds 2,331K shares representing 4.60% ownership of the company. In its prior filing, the firm reported owning 2,360K shares , representing a decrease of 1.26%. The firm increased its portfolio allocation in MELI by 4.10% over the last quarter.
Jpmorgan Chase holds 1,814K shares representing 3.58% ownership of the company. In its prior filing, the firm reported owning 2,077K shares , representing a decrease of 14.51%. The firm decreased its portfolio allocation in MELI by 7.82% over the last quarter.
Jennison Associates holds 1,804K shares representing 3.56% ownership of the company. In its prior filing, the firm reported owning 1,797K shares , representing an increase of 0.35%. The firm increased its portfolio allocation in MELI by 4.56% over the last quarter.
VWIGX - Vanguard International Growth Fund Investor Shares holds 1,289K shares representing 2.54% ownership of the company. In its prior filing, the firm reported owning 1,361K shares , representing a decrease of 5.58%. The firm increased its portfolio allocation in MELI by 0.42% 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.
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