Investors should never put too much weight on specific price targets set by Wall Street. They are little more than glorified guesses based on near-term trends, and stocks are inherently unpredictable over short periods of time. Warren Buffett said it best: "Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future."

That said, price targets can still help investors identify stocks worth researching, especially when a large number of analysts come to similar conclusions. For instance, 20 of the 28 analysts that follow Intuit (INTU -1.08%) have a buy rating on the stock, and the average price target is $474 per share, which implies roughly 14% upside from its current price. Similarly, 17 of the 21 analysts that follow MercadoLibre (MELI -1.07%) have a buy rating on the stock, and the average price target is $1,291 per share, which implies 13% upside from its current price. 

In both cases, Wall Street is overwhelmingly bullish. Is it time to buy these stocks?

1. Intuit: the market leader in tax-preparation and accounting software

Intuit specializes in financial software and services. The company is best known for TurboTax, the gold standard in tax-preparation software among U.S. consumers. It has achieved an equally dominant market presence with QuickBooks, accounting software that helps small businesses and self-employed people track income and expenses. In fact, Intuit holds more than 70% market share in the U.S. in both categories.

TurboTax and QuickBooks have two things in common. First, both products address essential needs. Consumers must file taxes each year, and small businesses must have a bookkeeping system in place. Second, both products are very sticky once adopted, meaning it would be time-consuming and tedious for individuals and small businesses to find other solutions.

For those reasons, Intuit continues to pump out strong financial results despite operating in a difficult economic environment. In the most recent quarter, revenue climbed 29% year over year to $2.6 billion, driven by particularly strong growth in its small business and self-employed segment, and cash from operations soared 126% to $328 million.

Looking ahead, shareholders have good reason to believe Intuit can maintain its momentum. Management values its core addressable market (i.e., tax-preparation and accounting software in the U.S.) at $81 billion, and given the brand authority behind TurboTax and QuickBooks, the company is already well positioned to deliver growth in both categories. But Intuit is working to create additional value for users by integrating advice from tax professionals (TurboTax Live) and accounting experts (QuickBooks Live).

Building on its core products, Intuit hopes to deepen its customer relationships with adjacent services. It offers payroll, payment processing, and marketing software to small businesses, and it connects consumers with credit cards, loans, and insurance through Credit Karma. Those products bring its addressable market to $253 billion. Intuit undoubtedly faces stiffer competition in these areas, but its strong market presence in tax-preparation and accounting software does indeed present an opportunity to upsell existing users.

Currently, shares trade at 9 times sales, a slight discount to the three-year average of 11.9 times sales. At that price, investors should indeed consider buying a small position in this growth stock.

2. MercadoLibre: the largest online commerce and payments ecosystem in Latin America

Latin America has one of the fastest-growing internet penetration rates in the world, and that is paving the way for rapid adoption of e-commerce and digital payments. In fact, Latin America ranked as the second-fastest-growing e-commerce market on the planet last year. As the largest online commerce and payments ecosystem in the region, MercadoLibre is particularly well positioned to benefit from that trend.

Specifically, MercadoLibre operates the most popular e-commerce marketplace in Latin America. It receives nearly four times as many monthly visitors as the next-closest online shopping destination, and it powered 21% of online retail sales in the region last year.

Additionally, MercadoLibre cemented its leadership in commerce by providing adjacent financial services through its subsidiaries Mercado Pago and Mercado Crédito, and that portion of its business is thriving. Mercado Pago is the third-most-popular digital wallet in Latin America, and Mercado Crédito reported 146% growth in its credit portfolio over the past year.

Despite facing economic headwinds, MercadoLibre delivered strong financial results in the third quarter. Revenue climbed 45% to $2.7 billion, and earnings increased 33% to $2.56 per diluted share.

MercadoLibre is set to grow rapidly in the coming years as more Latin American consumers gain access to the internet. According to Statista, e-commerce sales in the region will increase by 14% annually to reach $293 billion by 2027, while digital payments will increase by 14% annually to reach $510 billion over the same period. However, given its strong presence in both spaces, MercadoLibre is well positioned to grow revenue even faster than the industry averages.

With that in mind, shares currently trade at 6.1 times sales, a bargain compared to the three-year average of 12.6 times sales. At that price, this growth stock is a screaming buy.