MercadoLibre (NASDAQ: MELI) has been a fantastic stock to own this year, rising 37%. However, most of that rally occurred during January, as the stock is down 4% since Feb. 1. Wall Street analysts agree it has more room to run, as the average one-year price target is $1,600, implying a 37% upside.

But if you look at the company, it's clear that a 37% increase is just the beginning. MercadoLibre is poised for massive upside, and investors should strongly consider adding this stock to their portfolio before another run-up occurs. Read on to find out why.

In Latin America, one company reigns supreme in the e-commerce space. MercadoLibre has multiple products spanning an online store, shipping logistics, digital payments, and consumer credit. With its wide reach in the region, MercadoLibre is poised to benefit from a growing middle class.

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Source Fool.com