MercadoLibre Shows Why It's Still the King of Latin American E-Commerce
The past three months have been tumultuous ones for MercadoLibre, Inc. (NASDAQ: MELI). The company reported fabulous results for its second quarter, and the stock promptly fell 10% on the devaluation of the Venezuelan currency, the bolivar. This currency move resulted in a $25 million hit to MercadoLibre's net income for the quarter. In addition, a report that online juggernaut Amazon.com (NASDAQ: AMZN) was preparing to expand its operations in Brazil sent MercadoLibre's stock plunging last month.
When the Latin American e-commerce leader reported its financial results earlier this month, investors were looking for reassurance that these exterior forces hadn't derailed MercadoLibre from its growth in the region and that the company could still thrive in a challenging environment. Shareholders weren't disappointed, and the stock jumped 13% on the results.
MercadoLibre continues its laudable growth. Image source: MercadoLibre.
Source: Fool.com
Mercadolibre Inc Stock
The stock is an absolute favorite of our community with 29 Buy predictions and no Sell predictions.
On the other hand, the target price of 1853 € is below the current price of 1865.8 € for Mercadolibre Inc, so the potential is actually -0.69%.
