Jefferies Financial Group upgraded MercadoLibre (NASDAQ: MELI) from hold to buy. The firm established a new price target of $2,600.00 for the stock. This target represents a potential upside of more than 50% from current levels. The upgrade follows a 44.6% year-over-year increase in quarterly revenue. MercadoLibre exceeded revenue expectations despite missing earnings per share estimates.
The Jefferies upgrade aligns with a consensus Moderate Buy rating for the company. Wall Street analysts maintain a consensus price target of $2,695.33 for MELI. Multiple financial firms recently adjusted their price targets following the latest financial disclosures and market performance.