MercadoLibre Stock: Next Stop, $330?

Shares of MercadoLibre (NASDAQ: MELI) hit another all-time high on Tuesday, and at least one Wall Street pro sees the Latin American online marketplace speedster going even higher. Piper Jaffray analyst Michael Olson is boosting his price target on the stock from $268 to $330, a move likely to lead to even higher highs as MercadoLibre barrels through the $300 mark.

Olson remains confident in the dot-com darling's improving fundamentals, even arguing that the stock remains relatively inexpensive despite nearly doubling this year. MercadoLibre stock has soared 89% in 2017 through Tuesday's close. Naturally, Olson is sticking to his overweight rating on the shares.

Image source: MercadoLibre.

Source: Fool.com