Insights & Analysis

Initiation on MercadoLibre Inc. with a BUY rating and a $2,284 price target, implying a 39.7% upside. Our two-pillar thesis argues that MELI's unique commerce-bank structure deserves a premium valuation, while its current investment cycle is a build story, not a risk.

This paper traces Japan's economic shift from prolonged deflation to recent inflation-driven growth. To sustain this recovery, we recommend aggressive structural reforms and deregulating risk capital to transform Tokyo into a global innovation hub.

Initiation on Adobe Inc. with a BUY rating and a $408 price target, implying 55% upside. Three-pillar thesis: (1) Exploiting the Software De-Rating, (2) The Generative AI Moat Expander, and (3) The Creative Integration.