Buying an undervalued stock is the goal of almost every investor. Whether you're value or growth focused, it doesn't matter -- you're still trying to buy something for less than what it's worth. At the beginning of 2023, you could close your eyes and pick an undervalued tech stock, and chances are you'd be up at least 25% on your investment. Now, finding value is a bit tougher.

Still, one stock with massive upside potential has remained drastically undervalued: MercadoLibre (NASDAQ: MELI). This company is often called "the Amazon of Latin America," but when you dig in, you'll find out that it's quite more than that. Read on to find out what makes MercadoLibre undervalued and why it's an excellent buy right now.

MercadoLibre started out as Latin America's e-commerce source. Like Amazon, it also expanded into logistics for delivering packages. However, one area where it is superior to Amazon is its fintech wing.

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Source Fool.com