MercadoLibre - MELI Stock Price Target and Predictions

  • Consensus Rating: Moderate Buy
  • Consensus Price Target: $2,848.82
  • Forecasted Upside: 33.15%
  • Number of Analysts: 20
  • Breakdown:
  • 0 Sell Ratings
  • 3 Hold Ratings
  • 16 Buy Ratings
  • 1 Strong Buy Ratings
$2,139.56
▲ +19.73 (0.93%)

This chart shows the closing price for MELI by one month, three months, or twelve months.

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Analyst Price Target for MELI

Analyst Price Target is $2,848.82
▲ +33.15% Upside Potential
This price target is based on 20 analysts offering 12 month price targets for MercadoLibre in the last 3 months. The average price target is $2,848.82, with a high forecast of $3,500.00 and a low forecast of $2,300.00. The average price target represents a 33.15% upside from the last price of $2,139.56.

This chart shows the closing price for MELI for the last year in relation to the current analyst high, average, and low pricetarget.

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Current Consensus is Moderate Buy

The current consensus among 20 contributing investment analysts is to moderate buy stock in MercadoLibre. This rating has held steady since April 2025, when it changed from a Buy consensus rating.

Past Monthly Recommendations

Move your mouse over past months for details

Read Past Recommendations DescriptionSkip Past Price Target Consensus Chart
  • 0 strong buy ratings
  • 11 buy ratings
  • 1 hold ratings
  • 0 sell ratings
6/12/2024
  • 1 strong buy ratings
  • 12 buy ratings
  • 1 hold ratings
  • 0 sell ratings
9/10/2024
  • 1 strong buy ratings
  • 14 buy ratings
  • 2 hold ratings
  • 0 sell ratings
12/9/2024
  • 2 strong buy ratings
  • 14 buy ratings
  • 1 hold ratings
  • 0 sell ratings
3/9/2025
  • 2 strong buy ratings
  • 11 buy ratings
  • 2 hold ratings
  • 1 sell ratings
6/7/2025
  • 1 strong buy ratings
  • 14 buy ratings
  • 2 hold ratings
  • 0 sell ratings
9/5/2025
  • 1 strong buy ratings
  • 14 buy ratings
  • 2 hold ratings
  • 0 sell ratings
11/4/2025
  • 1 strong buy ratings
  • 16 buy ratings
  • 3 hold ratings
  • 0 sell ratings
12/4/2025

Latest Recommendations

  • 1 strong buy ratings
  • 16 buy ratings
  • 3 hold ratings
  • 0 sell ratings

Display Ratings By
DateBrokerageActionRatingPrice TargetDetails
12/4/2025BTIG ResearchReiterated RatingBuy ➝ Buy$2,750.00
12/2/2025Dbs BankUpgradeHold ➝ Moderate Buy
11/26/2025Zacks ResearchUpgradeStrong Sell ➝ Hold
11/24/2025UBS GroupLower TargetBuy ➝ Buy$3,000.00 ➝ $2,900.00
11/14/2025BTIG ResearchReiterated RatingBuy ➝ Buy$2,750.00
11/3/2025Morgan StanleyBoost TargetOverweight ➝ Overweight$2,850.00 ➝ $2,950.00
11/3/2025JPMorgan Chase & Co.Boost TargetNeutral ➝ Neutral$2,600.00 ➝ $2,650.00
10/31/2025Weiss RatingsReiterated RatingBuy (B-) ➝ Buy (B-)
10/30/2025BarclaysBoost TargetOverweight ➝ Overweight$2,800.00 ➝ $2,900.00
10/30/2025WedbushBoost TargetOutperform ➝ Outperform$2,700.00 ➝ $2,800.00
10/30/2025BenchmarkLower TargetBuy ➝ Buy$2,875.00 ➝ $2,780.00
10/30/2025Cantor FitzgeraldLower TargetOverweight ➝ Overweight$2,900.00 ➝ $2,750.00
10/21/2025BarclaysLower TargetOverweight ➝ Overweight$3,000.00 ➝ $2,800.00
10/21/2025BenchmarkReiterated RatingBuy ➝ Buy$2,875.00
10/13/2025SusquehannaLower TargetPositive ➝ Positive$2,975.00 ➝ $2,900.00
10/9/2025CitigroupLower TargetBuy ➝ Buy$2,850.00 ➝ $2,700.00
10/8/2025Weiss RatingsReiterated RatingBuy (B) ➝ Buy (B)
10/3/2025JPMorgan Chase & Co.Lower TargetNeutral ➝ Neutral$2,700.00 ➝ $2,600.00
9/27/2025Weiss RatingsReiterated RatingBuy (B) ➝ Buy (B)
9/24/2025Cantor FitzgeraldBoost TargetOverweight ➝ Overweight$2,700.00 ➝ $2,900.00
8/18/2025CitigroupLower TargetBuy ➝ Buy$2,900.00 ➝ $2,850.00
8/7/2025JPMorgan Chase & Co.Boost TargetNeutral ➝ Neutral$2,600.00 ➝ $2,700.00
8/5/2025WedbushSet TargetOutperform ➝ Outperform$2,800.00 ➝ $2,700.00
8/5/2025Cantor FitzgeraldReiterated RatingOverweight ➝ Overweight$2,700.00
8/5/2025BenchmarkReiterated RatingBuy ➝ Buy$2,875.00
8/5/2025Jefferies Financial GroupReiterated RatingHold ➝ Hold$2,800.00
8/5/2025Raymond James FinancialReiterated RatingStrong-Buy ➝ Strong-Buy$2,750.00
8/1/2025Daiwa Capital MarketsInitiated CoverageBuy$3,000.00
7/28/2025ScotiabankInitiated CoverageSector Outperform$3,500.00
7/23/2025BarclaysLower TargetOverweight ➝ Overweight$3,100.00 ➝ $3,000.00
6/26/2025SusquehannaReiterated RatingPositive ➝ Positive$2,840.00 ➝ $2,975.00
6/11/2025Cantor FitzgeraldLower TargetOverweight ➝ Overweight$2,900.00 ➝ $2,700.00
6/6/2025CitigroupReiterated RatingBuy ➝ Buy
6/5/2025Jefferies Financial GroupReiterated RatingBuy ➝ Hold$2,450.00 ➝ $2,800.00
6/2/2025UBS GroupSet Target$3,000.00
5/22/2025JPMorgan Chase & Co.Boost TargetNeutral ➝ Neutral$2,250.00 ➝ $2,600.00
5/14/2025The Goldman Sachs GroupBoost TargetBuy ➝ Buy$2,640.00 ➝ $3,000.00
5/8/2025BarclaysBoost TargetOverweight ➝ Overweight$2,500.00 ➝ $3,100.00
5/1/2025Morgan StanleyReiterated RatingOverweight ➝ Overweight
5/1/2025BenchmarkDowngradeBuy ➝ Cautious
4/16/2025Cantor FitzgeraldLower TargetOverweight ➝ Overweight$3,000.00 ➝ $2,400.00
4/15/2025CitigroupReiterated RatingBuy ➝ Buy
4/15/2025BenchmarkInitiated CoverageBuy$2,500.00
4/10/2025Morgan StanleyLower TargetOverweight ➝ Overweight$2,650.00 ➝ $2,560.00
3/3/2025The Goldman Sachs GroupBoost TargetBuy ➝ Buy$2,400.00 ➝ $2,750.00
2/25/2025JPMorgan Chase & Co.Boost TargetNeutral ➝ Neutral$1,950.00 ➝ $2,300.00
2/21/2025Cantor FitzgeraldBoost TargetOverweight ➝ Overweight$2,150.00 ➝ $3,000.00
2/21/2025SusquehannaBoost TargetPositive ➝ Positive$2,350.00 ➝ $2,760.00
2/21/2025BarclaysBoost TargetOverweight ➝ Overweight$2,200.00 ➝ $2,500.00
2/21/2025Bank of AmericaBoost TargetBuy ➝ Buy$2,500.00 ➝ $3,000.00
1/30/2025New Street ResearchUpgradeNeutral ➝ Buy$2,000.00 ➝ $2,300.00
1/21/2025Raymond James FinancialUpgradeOutperform ➝ Strong-Buy$2,250.00 ➝ $2,250.00
1/8/2025JPMorgan Chase & Co.Lower TargetNeutral ➝ Neutral$2,150.00 ➝ $1,950.00
1/6/2025WedbushLower TargetOutperform ➝ Outperform$2,200.00 ➝ $2,100.00
11/26/2024CitigroupLower TargetBuy ➝ Buy$2,480.00 ➝ $2,450.00
11/13/2024JPMorgan Chase & Co.Lower TargetNeutral ➝ Neutral$2,400.00 ➝ $2,150.00
11/12/2024BarclaysLower TargetOverweight ➝ Overweight$2,500.00 ➝ $2,200.00
11/11/2024Morgan StanleyLower TargetOverweight ➝ Overweight$2,500.00 ➝ $2,450.00
11/7/2024BTIG ResearchLower TargetBuy ➝ Buy$2,250.00 ➝ $2,200.00
11/7/2024WedbushReiterated RatingOutperform$2,000.00 ➝ $2,200.00
11/7/2024Cantor FitzgeraldLower TargetOverweight ➝ Overweight$2,530.00 ➝ $2,300.00
10/22/2024CitigroupBoost TargetBuy ➝ Buy$2,200.00 ➝ $2,480.00
10/11/2024Redburn AtlanticInitiated CoverageBuy$2,800.00
10/7/2024Cantor FitzgeraldReiterated RatingOverweight ➝ Overweight$2,530.00 ➝ $2,530.00
10/2/2024BarclaysBoost TargetOverweight ➝ Overweight$2,100.00 ➝ $2,500.00
10/2/2024JPMorgan Chase & Co.DowngradeOverweight ➝ Neutral$2,400.00 ➝ $2,400.00
9/27/2024Raymond James FinancialInitiated CoverageOutperform$2,350.00
9/23/2024Cantor FitzgeraldReiterated RatingOverweight ➝ Overweight$2,530.00 ➝ $2,530.00
9/20/2024Morgan StanleyBoost TargetOverweight ➝ Overweight$2,175.00 ➝ $2,500.00
9/12/2024Bank of AmericaBoost TargetBuy ➝ Buy$2,250.00 ➝ $2,500.00
9/5/2024Cantor FitzgeraldInitiated CoverageOverweight$2,530.00
8/28/2024SusquehannaBoost TargetPositive ➝ Positive$2,300.00 ➝ $2,350.00
8/21/2024BTIG ResearchBoost TargetBuy ➝ Buy$2,025.00 ➝ $2,250.00
8/19/2024SusquehannaBoost TargetPositive ➝ Positive$2,000.00 ➝ $2,300.00
8/15/2024CitigroupBoost TargetBuy ➝ Buy$2,000.00 ➝ $2,200.00
8/8/2024The Goldman Sachs GroupBoost TargetBuy ➝ Buy$2,180.00 ➝ $2,480.00
8/6/2024JPMorgan Chase & Co.Boost TargetOverweight ➝ Overweight$2,150.00 ➝ $2,400.00
8/6/2024BarclaysBoost TargetOverweight ➝ Overweight$2,000.00 ➝ $2,100.00
8/2/2024BTIG ResearchBoost TargetBuy ➝ Buy$1,885.00 ➝ $2,025.00
7/11/2024Dbs BankUpgradeHold ➝ Strong-Buy
5/24/2024New Street ResearchDowngradeBuy ➝ Neutral
5/20/2024Jefferies Financial GroupUpgradeHold ➝ Buy$1,400.00 ➝ $2,100.00
5/13/2024BarclaysBoost TargetOverweight ➝ Overweight$1,800.00 ➝ $2,000.00
5/3/2024WedbushReiterated RatingOutperform ➝ Outperform$1,800.00
4/24/2024WedbushLower TargetOutperform ➝ Outperform$2,000.00 ➝ $1,800.00
4/23/2024DZ BankUpgradeHold ➝ Buy$1,685.00
4/17/2024UBS GroupLower TargetBuy ➝ Buy$1,900.00 ➝ $1,800.00
4/3/2024BarclaysLower TargetOverweight ➝ Overweight$2,000.00 ➝ $1,800.00
3/27/2024CitigroupLower TargetBuy ➝ Buy$1,990.00 ➝ $1,940.00
3/5/2024WedbushReiterated RatingOutperform ➝ Outperform$2,000.00
2/27/2024JPMorgan Chase & Co.Boost TargetOverweight ➝ Overweight$2,000.00 ➝ $2,150.00
2/23/2024SusquehannaBoost TargetPositive ➝ Positive$1,850.00 ➝ $2,000.00
2/23/2024BarclaysBoost TargetOverweight ➝ Overweight$1,900.00 ➝ $2,000.00
2/23/2024WedbushBoost TargetOutperform ➝ Outperform$1,800.00 ➝ $2,000.00
1/3/2024CitigroupBoost TargetBuy ➝ Buy$1,550.00 ➝ $1,900.00
12/27/2023WedbushBoost TargetOutperform ➝ Outperform$1,700.00 ➝ $1,800.00
11/28/2023SusquehannaBoost TargetPositive ➝ Positive$1,625.00 ➝ $1,850.00
11/27/2023Bank of AmericaUpgradeNeutral ➝ Buy$2,000.00
11/2/2023WedbushReiterated RatingOutperform ➝ Outperform$1,500.00
9/18/2023SusquehannaBoost TargetPositive ➝ Positive$1,500.00 ➝ $1,620.00
9/1/2023New Street ResearchUpgradeNeutral ➝ Buy$1,400.00 ➝ $1,650.00
8/30/2023UBS GroupBoost TargetBuy ➝ Buy$1,600.00 ➝ $1,700.00
8/21/2023WedbushInitiated CoverageOutperform$1,500.00
8/9/2023The Goldman Sachs GroupBoost TargetBuy ➝ Buy$1,910.00 ➝ $2,180.00
8/9/2023CitigroupBoost Target$1,500.00 ➝ $1,550.00
8/8/2023BarclaysBoost TargetOverweight ➝ Overweight$1,575.00 ➝ $1,625.00
8/7/2023JPMorgan Chase & Co.Boost TargetOverweight ➝ Overweight$1,700.00 ➝ $2,000.00
7/31/2023Credit Suisse GroupBoost TargetOutperform ➝ Outperform$1,730.00 ➝ $1,760.00
7/25/2023Jefferies Financial GroupLower TargetHold$1,400.00 ➝ $1,300.00
7/10/2023Wolfe ResearchLower Target$1,700.00 ➝ $1,400.00
7/10/2023Bank of AmericaDowngradeBuy ➝ Neutral$1,680.00 ➝ $1,350.00
6/8/2023CitigroupBoost Target$1,460.00 ➝ $1,500.00
5/8/2023JPMorgan Chase & Co.Boost Target$1,600.00 ➝ $1,700.00
5/4/2023BTIG ResearchBoost Target$1,400.00 ➝ $1,600.00
5/4/2023BarclaysBoost Target$1,525.00 ➝ $1,575.00
5/2/2023Credit Suisse GroupLower Target$1,750.00 ➝ $1,700.00
4/13/2023Bank of AmericaBoost TargetBuy$1,400.00 ➝ $1,680.00
4/13/2023BarclaysBoost TargetOverweight$1,475.00 ➝ $1,525.00
4/6/2023New Street ResearchDowngradeBuy ➝ Neutral$1,350.00
3/31/2023Morgan StanleyBoost Target$1,620.00 ➝ $1,770.00
3/3/2023CitigroupBoost Target$1,100.00 ➝ $1,460.00
2/24/2023BTIG ResearchBoost TargetBuy$1,245.00 ➝ $1,400.00
2/24/2023BarclaysBoost TargetOverweight$1,250.00 ➝ $1,475.00
2/21/2023Credit Suisse GroupBoost TargetOutperform$1,450.00 ➝ $1,685.00
1/13/2023BTIG ResearchBoost TargetBuy$1,130.00 ➝ $1,245.00
12/23/2022CitigroupBoost Target$1,050.00 ➝ $1,100.00
11/3/2022CitigroupLower TargetBuy$1,150.00 ➝ $1,050.00
10/31/2022Credit Suisse GroupLower TargetOutperform$1,470.00 ➝ $1,400.00
10/6/2022Jefferies Financial GroupLower TargetHold$990.00 ➝ $970.00
8/8/2022JPMorgan Chase & Co.Boost Target$1,300.00 ➝ $1,350.00
8/4/2022BarclaysLower TargetOverweight$1,500.00 ➝ $1,250.00
8/4/2022Credit Suisse GroupBoost TargetOutperform$1,430.00 ➝ $1,470.00
7/21/2022Jefferies Financial GroupLower Target$850.00 ➝ $800.00
7/15/2022Stifel NicolausLower Target$1,200.00 ➝ $1,000.00
7/6/2022New Street ResearchInitiated CoverageBuy ➝ Buy$1,700.00 ➝ $1,100.00
6/9/2022CitigroupLower TargetBuy$1,500.00 ➝ $1,150.00
6/6/2022KGI SecuritiesInitiated CoverageOutperform
5/2/2022Credit Suisse GroupLower Target$1,685.00 ➝ $1,440.00
4/12/2022CitigroupLower TargetBuy$1,750.00 ➝ $1,500.00
2/25/2022Bradesco CorretoraUpgradeNeutral ➝ Outperform
2/23/2022Susquehanna BancsharesLower TargetPositive$1,990.00 ➝ $1,750.00
2/23/2022Stifel NicolausLower TargetBuy$1,600.00 ➝ $1,400.00
2/23/2022SusquehannaLower TargetPositive$1,990.00 ➝ $1,750.00
2/23/2022Credit Suisse GroupBoost Target$1,675.00 ➝ $1,685.00
2/22/2022Credit Suisse GroupLower TargetOutperform$2,200.00 ➝ $1,675.00
1/18/2022BTIG ResearchLower Target$1,930.00 ➝ $1,550.00
1/12/2022Stifel NicolausLower Target$2,200.00 ➝ $1,600.00
1/7/2022Jefferies Financial GroupDowngradeBuy ➝ Hold$2,000.00 ➝ $1,250.00
11/5/2021Credit Suisse GroupBoost TargetOutperform$2,100.00 ➝ $2,200.00
11/5/2021BarclaysBoost TargetOverweight$2,100.00 ➝ $2,200.00
10/25/2021ScotiabankUpgradeSector Perform ➝ Sector Outperform$2,050.00 ➝ $2,100.00
10/1/2021Credit Suisse GroupReiterated RatingBuy$2,100.00
8/5/2021BarclaysBoost TargetOverweight$2,000.00 ➝ $2,100.00
8/5/2021BTIG ResearchBoost TargetBuy$1,720.00 ➝ $1,930.00
8/3/2021Credit Suisse GroupBoost TargetOutperform$1,824.00 ➝ $2,050.00
7/9/2021DZ BankInitiated CoverageBuy$1,900.00
6/28/2021BarclaysInitiated CoverageBuy$2,000.00
6/7/2021CitigroupBoost TargetBuy$2,150.00 ➝ $2,250.00
5/10/2021Credit Suisse GroupLower TargetOutperform$1,850.00 ➝ $1,824.00
5/6/2021Stifel NicolausUpgradeHold ➝ Buy$1,800.00
5/3/2021Credit Suisse GroupLower TargetOutperform$1,925.00 ➝ $1,850.00
3/31/2021Wolfe ResearchInitiated CoverageOutperform$1,800.00
3/11/2021BTIG ResearchUpgradeNeutral ➝ Buy$1,720.00
3/9/2021JPMorgan Chase & Co.Boost TargetPositive ➝ Overweight$1,640.00 ➝ $1,730.00
3/1/2021Credit Suisse GroupBoost TargetOutperform$1,555.00 ➝ $1,925.00
2/11/2021ScotiabankInitiated CoverageSector Perform$2,050.00
1/28/2021Bradesco CorretoraDowngradeOutperform ➝ Neutral$2,000.00
1/27/2021Deutsche Bank AktiengesellschaftBoost TargetBuy$1,530.00 ➝ $2,200.00
1/20/2021CitigroupBoost Target$1,300.00 ➝ $2,150.00
1/19/2021HSBCBoost TargetBuy$1,800.00 ➝ $2,100.00
12/22/2020SantanderUpgradeHold ➝ Buy$1,980.00
12/16/2020BTIG ResearchDowngradeBuy ➝ Neutral
(Data available from 12/4/2020 forward)

News Sentiment Rating

1.37 (Buy)

Our news sentiment rating is based on the average sentiment of articles about this company published in the media in the last 30 days of headlines and can range from 2 (very positive sentiment) to -2 (very negative sentiment).

News Sentiment Over Time

Move your mouse over past months for details

Skip to Current Sentiment Summary
  • 0 very positive mentions
  • 0 positive mentions
  • 0 negative mentions
  • 0 very negative mentions
5/8/2025
  • 0 very positive mentions
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  • 0 negative mentions
  • 0 very negative mentions
6/7/2025
  • 0 very positive mentions
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  • 0 negative mentions
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7/7/2025
  • 0 very positive mentions
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  • 0 negative mentions
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8/6/2025
  • 0 very positive mentions
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9/5/2025
  • 60 very positive mentions
  • 16 positive mentions
  • 4 negative mentions
  • 1 very negative mentions
10/5/2025
  • 142 very positive mentions
  • 43 positive mentions
  • 8 negative mentions
  • 0 very negative mentions
11/4/2025
  • 154 very positive mentions
  • 19 positive mentions
  • 10 negative mentions
  • 0 very negative mentions
12/4/2025

Current Sentiment

  • 154 very positive mentions
  • 19 positive mentions
  • 10 negative mentions
  • 0 very negative mentions

Recent Stories by Sentiment

MercadoLibre logo
MercadoLibre, Inc. operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps. The company also offers Mercado Fondo that allows users to invest funds deposited in their Mercado Pago accounts; Mercado Credito, which extends loans to certain merchants and consumers; and Mercado Envios logistics solution that enables sellers on its platform to utilize third-party carriers and other logistics service providers, as well as fulfillment and warehousing services for sellers. In addition, it provides Mercado Libre Classifieds, an online classified listing service, where users can list and purchase motor vehicles, real estate, and services; Mercado Ads, an advertising platform, which enables large retailers and brands to promote their products and services on the web; and Mercado Shops, an online storefronts solution that enables users to set-up, manage, and promote their own digital stores. The company was incorporated in 1999 and is headquartered in Montevideo, Uruguay.
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Today's Range

Now: $2,139.56
Low: $2,079.08
High: $2,151.33

50 Day Range

MA: $2,154.49
Low: $1,899.75
High: $2,501.31

52 Week Range

Now: $2,139.56
Low: $1,646.00
High: $2,645.22

Volume

442,973 shs

Average Volume

554,081 shs

Market Capitalization

$108.48 billion

P/E Ratio

52.21

Dividend Yield

N/A

Beta

1.42

Frequently Asked Questions

What sell-side analysts currently cover shares of MercadoLibre?

The following Wall Street analysts have issued stock ratings on MercadoLibre in the last year: Bank of America Corporation, Barclays PLC, Benchmark Co., BTIG Research, Cantor Fitzgerald, Citigroup Inc., Daiwa Capital Markets, Dbs Bank, Jefferies Financial Group Inc., JPMorgan Chase & Co., Morgan Stanley, New Street Research, Raymond James Financial, Inc., Scotiabank, Susquehanna, The Goldman Sachs Group, Inc., UBS Group AG, Wall Street Zen, Wedbush, Weiss Ratings, and Zacks Research.
View the latest analyst ratings for MELI.

What is the current price target for MercadoLibre?

0 Wall Street analysts have set twelve-month price targets for MercadoLibre in the last year. Their average twelve-month price target is $2,848.82, suggesting a possible upside of 33.1%. Scotiabank has the highest price target set, predicting MELI will reach $3,500.00 in the next twelve months. New Street Research has the lowest price target set, forecasting a price of $2,300.00 for MercadoLibre in the next year.
View the latest price targets for MELI.

What is the current consensus analyst rating for MercadoLibre?

MercadoLibre currently has 3 hold ratings, 16 buy ratings and 1 strong buy rating from Wall Street analysts. The stock has a consensus analyst rating of "Moderate Buy."
View the latest ratings for MELI.

What other companies compete with MercadoLibre?

How do I contact MercadoLibre's investor relations team?

MercadoLibre's physical mailing address is ARIAS 3751 7TH FLOOR, BUENOS AIRES C1, C1430CRG. The company's listed phone number is (982) 927-2770 and its investor relations email address is [email protected]. The official website for MercadoLibre is www.mercadolibre.com. Learn More about contacing MercadoLibre investor relations.