MELI - Down 37% From Its High Is This Stock a Screaming Buy? Wall Street Thinks So.
2023-10-10 05:39:00 ET
Over the past decade, share prices of Latin American e-commerce giant MercadoLibre (NASDAQ: MELI) have pulled back from all-time highs by 25% or more at least seven times. In six of those cases, MercadoLibre stock eventually bounced back to new highs. The seventh time is right now.
As of this writing, MercadoLibre stock is trading down 37.6% from an all-time high reached in early 2021. Given the company's potential at the moment, Wall Street believes this is a screaming-buy opportunity. Of the analysts tracked by TipRanks, 15 cover MercadoLibre stock. Of these, 12 believe it's a stock to buy with an average price target roughly 32% higher than where it trades today.
Wall Street is bullish on MercadoLibre stock for good reason.
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Down 37% From Its High, Is This Stock a Screaming Buy? Wall Street Thinks So.