Robert Way My Coverage & Thesis Update Back in May 2024, I initiated coverage of MercadoLibre, Inc. (NASDAQ:MELI) stock with a "Buy" rating, calling it "a growth beast at a reasonable price". My argumentation was mainly based on the firm's significant growth I saw in its fintech division, with a credit portfolio exceeding $4.4 million and the issuance of 1.5 million credit cards at the time. I expected a continued contraction of MELI's key valuation multiples amid rising earnings of the business, which  ...