MercadoLibre, Inc. (NASDAQ: MELI) is a top long-term growth stock, with JP Morgan raising its price target to $2700, implying a 14.9% upside. Q2 earnings beat estimates at $6.79 billion, showing 33.9% growth. The company’s success is attributed to e-commerce and fintech momentum, especially in Mercado Pago.

Despite competition concerns, MercadoLibre’s strategic moves in Brazil and Mexico are paying off. The company’s forward P/E ratio is high at 49.99x, but Wall Street sees a 22.3% upside potential. While MELI is promising, other AI stocks may offer better opportunities. Check out our report on the best short-term AI stock for more insights.

Read more at Yahoo Finance: JP Morgan Raises MercadoLibre (MELI) Target Despite Rising Competition Concerns