BUZZ-MercadoLibre falls after J.P. Morgan downgrade
Reuters03-12 21:00
BUZZ-<a href="https://laohu8.com/S/MELI">MercadoLibre</a> falls after J.P. Morgan downgrade
** Shares of Latin American e-commerce firm MercadoLibre MELI.O fall 2.7% to 1,719 premarket
** J.P. Morgan downgrades MELI to "neutral" from "overweight"
** Brokerage says competitive pressure in Brazil has not eased for co
** Co's management has expressed comfort with a lower operating margin in the near term, and J.P Morgan now expects lower profitability than its previous forecast, with EBIT expected to miss consensus
** JP Morgan cuts PT on stock to $2,100 from $2,650, marking the lowest PT among Wall Street brokerages that cover the stock
** Up to last close, stock was down 12.3% YTD
(Reporting by Avinash P in Bengaluru)
((Avinash.P@thomsonreuters.com;))
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