UPDATE: Piper Jaffray Raises PT to $123 on MercadoLibre Following In-Line February Listings

Piper Jaffray maintained MercadoLibre

with an Overweight rating and raised the price target from $103.00 to $123.00. Piper Jaffray analyst MercadoLibre wrote, "February listings saw y/y growth of 36% vs. January's +36% and the December quarter average of +35%. Despite average listings growth tracking 1% higher than the December quarter average, we are modeling for GMV (local currency) growth to decline to 20% in the quarter from 21% in the December quarter. This is driven by the belief that ASPs will decrease slightly in the March quarter and the belief that recent roll-outs of the API have led to a disproportionate amount of new listings coming from classifieds, which do not increase GMV. We remain buyers of MELI shares based on the company's position in the nascent Latin American eCommerce market." MercadoLibre closed at $94.44 on Monday.