Mercado Libre (MELI): Listings Growth Continues At Rapid Pace - Piper Jaffray

August 30, 2016 7:10 AM EDT
Get Alerts MELI Hot Sheet
Price: $173.93 --0%

Rating Summary:
    7 Buy, 9 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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.

For an analyst ratings summary and ratings history on MercadoLibre click here. For more ratings news on MercadoLibre click here.

Shares of MercadoLibre closed at $166.57 yesterday.

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