Here's Why MercadoLibre Stock Was Up 12% in October

Shares of Latin American e-commerce and digital payments company MercadoLibre (NASDAQ: MELI) went up 12.2% in October, according to data provided by S&P Global Market Intelligence. Throughout the month, stock analysts upgraded their outlook for the company and raised their target prices for the stock. This led to investor optimism, resulting in MercadoLibre stock beating the market average.

According to The Fly, there were multiple upgrades for MercadoLibre stock during October. For example, an analyst at Jefferies raised their price target on the stock from $1,350 per share to $1,560 per share, citing their belief that the company's current gross merchandise volume is outpacing expectations. Later, an analyst at Deutsche Bank raised their price target from $1,330 per share to $1,500 per share, noting the COVID-19 pandemic is likely permanently changing consumer habits in MercadoLibre's favor.

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Source Fool.com