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?
Image source: Getty Images.
Source Fool.com
Mercadolibre Inc Stock
€1,638.2
0.540%
The stock is an absolute favorite of our community with 39 Buy predictions and no Sell predictions.
With a target price of 2319 € there is a positive potential of 41.56% for Mercadolibre Inc compared to the current price of 1638.2 €.
