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UPDATE: Piper Jaffray Cuts PT to $103 on MercadoLibre on Revenue Miss

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JP Morgan Slashes MercadoLibre Estimates: Here's Why

Piper Jaffray maintained MercadoLibre (NASDAQ: MELI) with an Overweight rating and lowered the price target from $107.00 to $103.00.

Piper Jaffray noted, "MercadoLibre reported revenue of $103.8m compared to Street expectations of $105.2m. The disappointment on USD revenue was the result of a lower take rate mainly on the core marketplace. Our estimates put core marketplace take rate at 4.4%, which compares with 4.7% in Sep-12. EPS of $0.69 was higher than the Street's $0.62. The beat was driven by a slightly lower than expected tax rate and also improvements in sales and marketing (bad debt improvement and $900k non-recurring benefit from recovery) and product and technology costs."

MercadoLibre closed at $84.56 on Monday.

Latest Ratings for MELI

DateFirmActionFromTo
May 2015Stifel NicolausDowngradesBuyHold
Apr 2015Credit SuisseUpgradesNeutralOutperform
Mar 2015JP MorganDowngradesOverweightNeutral

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Posted-In: Piper JaffrayAnalyst Color Price Target Analyst Ratings

 

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