Piper Jaffray Remains Bullish on Mercado Libre (MELI) as Shares Trade Down

Piper Jaffray reiterated an Overweight rating and $150.00 price target on MercadoLibre (NASDAQ: MELI) as shares trade down 39% in three months.

Analyst Gene Munster commented, "Shares of MELI have been decimated, down 39% in three months. The cause of the decline is generally related to three areas. First, concern for the broader Latin American macro, second, difficult comps, and third, increased competition from Amazon. The first two factors are largely out of the control of MercadoLibre and in our opinion don't impact the long term value of the company (macro will improve). Today we look at the rising competitive threat from Amazon, which could impact MercadoLibre's value longer term. We believe that despite the increased effort from Amazon, MercadoLibre still has a near and long term competitive advantage over Amazon. We maintain our Overweight rating."

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 $86.70 yesterday.

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