1 Monster Growth Stock Up 1,500% in 10 Years Is Still a Top Buy in 2024, According to Select Wall Street Analysts

(NASDAQ: MELI) is the largest e-commerce company in Latin America, a title that has drawn comparisons to Amazon. But the similarities run deeper. MercadoLibre may not have a cloud computing business, but it has developed an ecosystem of services that support its marketplace and create additional monetization opportunities.

MercadoLibre's decision to follow the Amazon blueprint has paid off in spades for investors. The stock soared 1,500% over the last decade, compounding at an annual rate of 31%. That means $10,000 invested in MercadoLibre in March 2014 would be worth more than $152,000 today. For context, $10,000 invested in the S 500 at the same time would now be worth about $28,000.

Despite that performance, MercadoLibre has a market capitalization of just $75 billion, making it 24 times smaller than Amazon, and select Wall Street analysts still see the company as a worthwhile investment. For instance, Marcelo Santos at JPMorgan Chase and Andrew Ruben at Morgan Stanley selected the stock as a top pick in 2024. Read on to learn more about the so-called "Amazon of Latin America."

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Source Fool.com