MercadoLibre (MELI) PT Raised to $2,480 at Citi

Citi analyst Tobias Stingelin raised the price target on MercadoLibre (NASDAQ: MELI) to $2,480.00 (from $2,200.00) while maintaining a Buy rating.

The analyst comments "We make minor adjustments to our model which increase our 12-m DCF price target to $2,480/sh (from $2,200 previously). These adjustments consist of: 1) 3-month TP rollover; 2) lower cost of equity assumptions (to 13.7%, from 14.4%) driven by lower country risk in Brazil (-20-bps) and 3) lower Beta (1.0, from 1.1) given the consistent results (=higher quality perception), and resulting lower volatility of the stock."

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