The higher price target comes after the Buenos Aires-based online commerce platform reported its 2015 fourth quarter results after yesterday's market close.
MercadoLibre posted earnings of 88 cents per share, topping analysts' expectations of 69 cents per share. Revenue rose 12% to $180.7 million year-over-year and surpassed Wall Street's projections of $171.62 million.
Despite continued macro headwinds in Brazil, MercadoLibre was able to accelerate items sold to 22% vs. 20% in the third quarter, against tougher comparable sales, Credit Suisse noted.
"While we continued to see increased contribution from non-marketplaces revenue, consolidated take rate was below our expectations on mix-shift away from Brazil and Argentina on relative currency fluctuation to drive increased contribution from lower take rate regions," the firm said in an analyst note.
Shares of MercadoLibre closed lower by 4.88% to $97.56 on heavy trading volume on Friday.
About 1.8 million of the company's shares were traded today, well above its average volume of 596,529 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
This is driven by multiple strengths, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, notable return on equity, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MELI