Analyst Note
| David Swartz |Wide-moat MercadoLibre continued to benefit from the effects of the pandemic and its investments in product and technology in 2020’s fourth quarter as its revenue growth (in USD) of 97% beat our 80% forecast. We expect to lift our per share fair value estimate on MercadoLibre of $1,300 by a high-single-digit percentage given its improving prospects but view its shares as fully valued.