Morgan Stanley says this Latin American e-commerce and payments company is a top pick that could surge nearly 40%

Investors should consider buying shares of MercadoLibre , according to Morgan Stanley. Analyst Andrew Ruben reiterated an overweight rating on MercadoLibre and named it a top pick, saying the Latin American e-commerce and payments company has "multiple sources for earnings upside." "With new EBIT-level builds for eight MELI business lines, we see a durable base of profitable growth drivers," Ruben wrote Thursday.

mountain MercadoLibre shares 1-day The analyst's $1,770 price target implies roughly 40% upside from Thursday's closing price of $1,266.80. MercadoLibre shares are 49% higher in 2023, though that follows two dismal years. In 2022, the stock fell 37% and dropped more than 19% in 2021. However, the analyst expects MercadoLibre can take advantage of growth opportunities both in e-commerce and fintech.

BrianFeroldi Good for our position.

$MELI?

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