JP Morgan analyst Andre Baggio upgraded MercadoLibre Inc. shares /zigman2/quotes/200678442/composite MELI -1.56% to overweight from neutral on Tuesday, following the Latin American e-commerce stock's nearly 10% decline in Monday's session amid concerns about Venezuela's political stability. MercadoLibre "has shown impressive resilience despite macro slowdown," Baggio wrote. "Our conclusion is that secular shift to e-commerce trumps economic worries and MercadoLibre growth should remain healthy." He's encouraged by growth trends in the company's home country of Brazil as well as its traction with financial technology products. Shares are up 2.6% in premarket trading, and they've gained 113% so far this year. The S&P 500 /zigman2/quotes/210599714/realtime SPX -0.36% is up 15% in that time.