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MercadoLibre climbs after Citigroup upgrades to 'buy'

By Reuters News

** Latin America-based e-commerce firm MercadoLibre MELI.O up 2.65% at $1712.93 premarket

** Citigroup upgrades stock to "buy" from "neutral", cuts PT to $2050 from $2100, representing a nearly 23% upside to the stock's last close

** Brokerage says despite its below consensus 2027-2028 forecasts and macro backdrop, MELI's growth continues to outpace local consumer markets, supporting confidence in its long-term outlook

** Citi's rating action comes a day after US-listed shares of Brazilian companies including MELI fell sharply on Brazilian President Luiz Inacio Lula da Silva's surprise election win

** "We believe the recent share-price weakness creates an attractive entry point," Citi said in a note

** 19 of 24 analysts covering the stock rate it "buy" or "strong buy"; and the rest rate it "hold"; median price target on MELI $2,240 - LSEG data

** Stock has dipped about 17.15% YTD vs a 12.6% rise for the Nasdaq .IXIC

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