UPDATE: Pacific Crest Securities Downgrades MercadoLibre on Unfavorable Risk/Reward

In a report published Wednesday, Pacific Crest Securities analyst Chad Bartley downgraded the rating on

from Outperform to Sector Perform, and removed the $136.00 price target. In the report, Pacific Crest Securities noted, “MercadoLibre is a leader in Latin America, but the risk/reward is unfavorable. We are downgrading our rating on MELI to Sector Perform. After the strong YTD performance for MELI, we see limited upside to shares. In addition, after peak growth in Q4, we expect growth to slow throughout 2014, which could pressure the stock's multiple, similar to 2012. We see downside risk to roughly $98 to $114 (30x to 35x P/E).” MercadoLibre closed on Tuesday at $133.80.