Piper Jaffray analyst Gene Munster reiterated an Overweight rating and boosted his price target on MercadoLibre (NASDAQ: MELI) to $165.00 (from $155.00) following Q4 results which showed key metrics accelerated across the board.

Munster commented, "MercadoLibre reported Dec-14 numbers that showed acceleration across the board, which further increases our confidence that the company's business model of tying a marketplace together with payments and a third-party shipping platform is yielding increasing market share in a growing secular theme. Of the impressive metrics, we see growth of units sold in Brazil of 33% (vs. 29% in Sep-14) as a sign of the Brazilian business (49% of sales) is strengthening. Venezuela (which now accounts for 8% of revenue) continues to be a headwind, but its fractional impact to revenue should be largely ignored by investors. Local currency revenue growth improved from 59% y/y to 71%."

The firm adjusted FY 2015 EPS from $3.11 to $2.11 and maintained FY 2016 at $3.54.

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 $134.22 yesterday.