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Fly News Breaks for February 28, 2018
MELI
Feb 28, 2018 | 06:35 EDT
JPMorgan analyst Andre Baggio upgraded MercadoLibre to Overweight and raised his price target for the shares to $500 from $270. Fintech ventures, including payments and credit, should add to value to MercadoLibre's "impressive" e-commerce business, Baggio tells investors in a research note. He sees fintech having sales growth of greater than 50% in the coming years. Further, the analyst believes MercadoLibre's core marketplace should continue to benefit from the "still highly underpenetrated" e-commerce market.
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