Mercado Libre (MELI): Listings Growth Continues At Rapid Pace - Piper Jaffray
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Piper Jaffray analyst, Gene Munster, reiterated his Overweight rating on shares of MercadoLibre (NASDAQ: MELI) after data from Piper Jaffray Web Analytics. indicated listings growth continues at a rapid pace.
For the month of July unit growth was ~85% vs. the Jun-16 quarter at 90% y/y and Mar-16 at 84%. This metric does not tie directly to unit growth for MercadoLibre, but it does reflect improvements in supply that can fuel stronger consumption by users.
The analyst believes that MercadoLibre's platform is gaining steam with suppliers due to improvements in the site, peripheral functionality that simplifies listing on MercadoLibre, and the removal of listing fees (eliminating the risk of listing). He continues to believe that MercadoLibre is the best positioned eCommerce company in Latin America.
No change to $185 price target.
Shares of MercadoLibre closed at $166.57 yesterday.
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Related EntitiesPiper Jaffray, Gene Munster
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