UPDATE: Morgan Stanley Reiterates Underweight Rating, Lowers PT on Mercadolibre on Heightened Macro Risks

In a report published Friday, Morgan Stanley analyst Michel Morin reiterated an Underweight rating on

, but lowered the price target from $70.00 to $64.00. In the report, Morgan Stanley noted, “MELI is an ecommerce leader in Latam with solid long-term growth potential, but we continue to find valuation rich, in light of heightened macro risks. We trim our DCF-based target to $64 from $70 to reflect a higher assumed WACC, and we remain Underweight despite the recent pull-back.” Mercadolibre closed on Thursday at $83.26.