Why Did MercadoLibre Stock Pop -- Then Drop?
MercadoLibre (NASDAQ: MELI) stock, the "Latin Amazon.com," jumped nearly 5% in early trading Thursday before turning tail and giving back almost all its gains. (As of 11:30 a.m. ET, MercadoLibre is up only about 0.5%.)
It's no secret why MercadoLibre popped -- Wall Street analyst Marcelo Santos at JPMorgan Chase upgraded the stock to "overweight" this morning. The question is: Why did MercadoLibre stock then drop again?
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Source Fool.com
Mercadolibre Inc Stock
€1,496.2
-8.580%
With 41 Buy predictions and not a single Sell prediction Mercadolibre Inc is an absolute favorite of our community.
As a result the target price of 2367 € shows a very positive potential of 58.2% compared to the current price of 1496.2 € for Mercadolibre Inc.
