MELI US (Buy, TP: $1,650, +20%) MercadoLibre - Upgrade to Buy: Brazil E-Comm from strength to strength
MercadoLibre remains a uniquely well positioned asset across E-Commerce and Fintech in multiple LatAm geos. Focusing on its core market, Brazil, market share gains have been material in the last 12 months and we expect more to come with domestic players struggling to compete. Talk of a wave of Chinese competition is likely overdone - we review progress here.MercadoLibre is engages in an online commerce ecosystem. Co.'s platform is designed to provide users with a portfolio of services to facilitate commercial transactions. Co. integrated e-commerce services includes: the MercadoLibre Marketplace, which is an automated, topically-arranged and user-friendly online commerce service; MercadoLibre Classifieds Service, which users can also list and purchase motor vehicles, vessels, aircraft, real estate and services; MercadoPago payments solution, providing a mechanism that allows its users to send and receive payments online; and MercadoLibre advertising program, which enable businesses to promote their products and services on the Internet.
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