Bull/Bear/BofA: marketplace, fintech, investment, competition and other stuff

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Bull/Bear/BofA: marketplace, fintech, investment, competition and other stuff

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Bull/Bear/BofA: marketplace, fintech,

investment, competition and other stuff

Maintain Rating: BUY | PO: 2,400.00 USD | Price: 1,763.36 USD

Bulls: seen this before, this time will be no different 06 July 2026

MELI has faced repeated competitive threats and responded by improving service, Equity

strengthening its consumer value proposition, and enhancing its platform. These actions

reaccelerated growth, restored operating leverage, and increased market share. Bulls RobertResearchE.AnalystFord Aguilar, CFA

argue that today’s investments similarly widen MELI’s moat, with scale, logistics, data, BofAS

+1 646 855 5439

credit, advertising and AI advantages funding growth as eCommerce and fintech robert.e.ford@bofa.com

penetration accelerate. Melissa Byun, CFA

Research Analyst

Bears: path to structurally lower, more cyclical margins BofAS+1 646 855 3177

Bears contend that this time is different. MELI faces larger, more diversified and more melissa.byun@bofa.com

engaging platforms, with cross-border (CBT) growth accelerating in Brazil following the Gustavo Fratini >>

elimination of federal taxes. Bears argue that MELI’s delayed response to low-ASP, CBT Merrill Lynch (Brazil)

and social selling threats has forced a major investment cycle, while consumer credit +55 11 2188 4541 gustavo.fratini@bofa.com

adds cyclicality, disclosure concerns and a fast-growing and lower-multiple business.

Wellington Santana >>

Lastly, bears see Agentic AI as the ultimate disintermediator. Research Analyst

Merrill Lynch (Brazil)

More investment, rising share, other considerations +55wellington.santana@bofa.com11 2188 4117