A shaky start to the month of February as investors continue to eye inflationary data and listen to Fed speak for hints of a pause in rate hikes. It made for a nervous market over the last few weeks. For the astute investor, this should spell opportunity. But how can you be sure that the stock you are buying on the dip has staying power for the long run?

One way is by leaning on the time-tested power of our Zacks Rank. Stocks in the good graces of our Zacks Rank have the strongest earnings trends. It’s these trends that can support a positive move in a stock and help it stay that way through any market condition.

One such stock is today’s Bull of the Day, MercadoLibre (MELI Quick QuoteMELI - Free Report) . Mercado Libre is a Latin American e-commerce and online marketplace company headquartered in Buenos Aires, Argentina. The company was founded in 1999 by Marcos Galperin and has since expanded to operate in 18 countries across Latin America, including Brazil, Mexico, Colombia, Chile, and Peru.

Mercado Libre's business model is based on connecting buyers and sellers in a virtual marketplace where they can purchase and sell a wide range of products and services. The platform offers a variety of payment methods, including credit and debit cards, digital wallets, and bank transfers, as well as a payment protection program for buyers.

Image Source: Zacks Investment Research

The reason for the favorable rank is that three analysts have increased their earnings estimates for the current year while two have done so for next year. The bullish sentiment pushed up our Zacks Consensus Estimates for the current year from $13.19 to $15.37 while next year’s number is up from $21.65 to $23.83.