Why MercadoLibre Stock Gained 16% Last Month

Shares of MercadoLibre (NASDAQ: MELI) were climbing last month as the Latin American e-commerce operator continued to benefit from pandemic-related tailwinds. MercadoLibre kicked off the month on a strong note as BTIG raised its price target on the stock from $775 to $980 on June 1. Analyst Marvin Fong said that e-commerce adoption in Brazil, MercadoLibre's biggest market, had accelerated by four to five years because e-commerce's share of overall retail sales had climbed from 6% at the beginning of the year to 11% to 12% in April.