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MercadoLibre +3%; Credit Suisse upgrades, likes new promo tools

Apr. 28, 2015 9:22 AM ETMercadoLibre, Inc. (MELI) StockMELIBy: Eric Jhonsa, SA News Editor
  • Believing new promotional tools for sellers will give a lift to its top line, Credit Suisse has upgraded MercadoLibre (NASDAQ:MELI) to Outperform, and hiked its target by $55 to $191.
  • The tools consists of ads that can appear on MELI's home page or within search results, and which lead to a seller's product listing page - Alibaba has plenty of experience with such ad formats. CS expects Latin American sellers will adopt the ads in much the same way Chinese and South Korean sellers have, and in doing so life MELI's take rate.
  • CS has cut its near-term estimates due to the Venezuelan bolivar's ongoing weakness against the dollar, but lifted its longer-term estimates. The upgrade comes two weeks after MELI struck a deal to buy Brazilian online retail software provider KPL Soluções for at least R$50M ($16M), in an effort to better cater to merchant needs.
  • Shares have risen to $140.90 premarket. The 52-week high is $144.23.

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