UPDATE: Piper Jaffray Cuts PT to $107 on MercadoLibre on Venezuela Devaluation

Piper Jaffray reiterated its Overweight rating on MercadoLibre (NASDAQ: MELI) but reduced its price target from $109 to $107. Piper Jaffray noted, "We remain comfortable with MercadoLibre's fundamentals, and are lowering our 2013 revenue estimates to 4% below the Street to reflect a widely anticipated devaluation of the Venezuelan SITME rate. Even though we are the first to lower our numbers in anticipation of a devaluation, the move should not be a surprise given we originally published on the potential of a Venezuelan devaluation on 8/22. Separately, we believe the FX headwind that MercadoLibre has had since Q4:11 will begin to shift to FX neutral in 2H:13. Overall, we remain positive on shares of MELI given the company's position in the emerging eCommerce market in Latin America."MercadoLibre closed at $73.10 on Tuesday.