Bank of America analysts upgraded the rating for Mercadolibre (NASDAQ:MELI) to Buy from Neutral, following impressive Black Friday performance. Along with this upgrade, the price target for Mercadolibre has been significantly increased by $650, bringing it to $2000 per share.

The analysts’ decision is rooted in Mercadolibre’s strong early Black Friday results, which showed considerable momentum. Preliminary figures from Nov 23 and 24 (up to 5 pm) indicate an 80% year-on-year increase in Brazilian Gross Merchandise Volume (GMV). This growth is particularly notable given that the overall Brazilian market saw a 15.1% year-on-year contraction, according to Bank of America.

Additionally, for November to date, MercadoLibre has reported a substantial 39% year-on-year growth in Brazilian GMV. In Mexico, during the Buen Fin promotional event, Mercadolibre showcased a 40% increase in GMV.

The sales of consumer electronics in Brazil during the Black Friday event surged by 140%, with significant demand in categories like cell phones, notebooks, and TVs.

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