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Stifel Nicolaus lowers its rating on MercadoLibre (NASDAQ: MELI) from Hold to Sell as Amazon (NASDAQ: AMZN) moves into Brazilian eCommerce, likely contracting the company's multiple.

Stifel Nicolaus notes, "We have reduced our rating on shares of MELI from Hold to Sell. Competition in Brazilian eCommerce is intensifying -- Amazon (AMZN, Buy, $92.86) reportedly will be targeting Sao Paulo Brazil later this year with what appears to be a full eCommerce offering. This comes on the heels of the announcement two weeks ago of Rakuten's new online mall offering in Brazil. We have introduced a current fair value range of $70-$75, around 25x 2013 EPS, as we believe MELI's trading multiple will contract to reflect increased risk to future estimates."

MELI closed at $92.81 on Friday.

Latest Ratings for MELI

Dec 2018KeyBancInitiates Coverage OnSector Weight
Nov 2018BTIG ResearchInitiates Coverage OnBuy
Nov 2018BarclaysMaintainsOverweightOverweight

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Posted-In: Stifel NicolausAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings


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