Why MercadoLibre Stock Gained Today
Shares of MercadoLibre (NASDAQ: MELI) have gained as much as 5% today after the company received a bullish vote of confidence from Wall Street. HSBC reiterated a buy rating on the stock while increasing its price target from $1,800 to $2,100, approximately 13% upside from Friday's close.
Analyst Ravi Jain is impressed with the Latin American e-commerce company's rise to a $100 billion market cap, and wouldn't be surprised if the stock "face[d] a near-term breather." But the analyst remains bullish on MercadoLibre's long-term prospects, particularly as it pushes deeper into fintech services.
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Source Fool.com