MercadoLibre (MELI)
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I’ve been a fan of MercadoLibre (NASDAQ:MELI) for many years. I think I first wrote about MELI as a stock to buy in May 2013 when I suggested that it was a better buy than Amazon (NASDAQ:AMZN).
“All in all, there’s no question that Amazon’s a great company,” I wrote. “However, when it comes to which is the better stock to buy, I have to go with MercadoLibre. It has a dominant position in a growing market and looks appealing despite the healthy gains it’s already made in 2013.”
Between May 8, 2013 and Feb. 10, 2023, MercadoLibre gained 864% compared with 624% for Amazon. So I wouldn’t put it past the Uruguay-based company to easily outdistance AMZN over the next decade.
In the short term, a $4 billion accounting scandal at Americanas SA — a Brazilian e-commerce company and competitor to MercadoLibre — has helped push MELI stock nearly 22% higher over the past month. Of the 21 analysts covering the stock, 18 rate it “outperform” or “buy,” with a median target price of $1,300, 18% above the current price.
Not only is MercadoLibre one of the best fintech stocks, it knows how to keep track of its finances, unlike some of its competitors.
