Thomas Weisel Partners analyst Jordan Rohan has launched coverage of Latin American e-commerce play MercadoLibre (MELI) with an Overweight rating and $70 price target. The stock closed yesterday at $50.14.
“We believe MELI is one of the top-five secular growth stories on the Internet due to the growth in users, usage and monetization,” he writes in a research note.� “While valuation appears high today, we forecast upside to near-term estimates and strategically the Pago payments platform distances MercadoLibre from competition.”
Rohan expects MELI to post profits of $1.14 this year, and $1.55 in 2011, up from 74 cents in 2009.
MELI is up 16 cents, or 0.3%, to $50.30.
No comments:
Post a Comment