Stifel upgrades Mercadolibre to buy as e-commerce grows in Latin America

Traders on the floor of the New York Stock Exchange.
Source: NYSE

Shares of Mercadolibre still have upside after the global pandemic accelerated e-commerce in its footprint and made the company one of the best bets over the past year, according to investment firm Stifel.

Analyst Scott Devitt upgraded the stock on Thursday to buy from neutral, saying that the e-commerce gains in Latin America look likely to stick around even once the pandemic is over. The stock is a popular holding among hedge funds and growth investors.

Mercadolibre reported its first-quarter results on Wednesday, showing stronger-than-expected revenue and announcing a $7.8 million purchase of bitcoin during the quarter. The company's stock price has doubled since February 2020.

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