BTIG analyst Marvin Fong raised his price target on MercadoLibre (MELI) to $535 and kept his Buy rating, saying that outside of the positive recent investment in the company by PayPal (PYPL), he believes that its mobile payment penetration could be even greater than expected. The analyst cites mobile payments in China rising from 0.2% to 8% in just 5 years, implying the Latin America mobile retail sales component rising to $150B by 2023. Fong also believes that there are parallels to the total payment volume, or TPV, trajectory at MercadoLibre with those of PayPal and China's Alipay, concluding that his "long-term estimate for total and off-platform TPV are very achievable".

Jefferies lowered the firm's price target on MercadoLibre to $1,400 from $1,650 and keeps a Hold rating on the shares. A recent ramp in investments could pressure EBIT near-term, though continued momentum in GMV, Advertising, and Credit "would keep the long-term story alive," the analyst tells investors in a preview note for the U.S. Internet group.

DZ Bank upgraded MercadoLibre to Buy from Hold with a $1,685 price target.