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Fly News Breaks for May 10, 2018
MELI
May 10, 2018 | 05:18 EDT
Piper Jaffray analyst Michael Olson lowered his price target for MercadoLibre to $350 saying the company's sales growth in Q1 came at the expense of earnings. MercadoLibre posted a loss after absorbing increased shipping costs in Brazil, Olson tells investors in a post-earnings research note. He points out the company is in an investment phase to drive further share gains and revenue growth. Olson, while admitting the shares will be in the "penalty box" with some investors near-term, keeps an Overweight rating on MercadoLibre.