MercadoLibre (MELI -3.1%) sells off after Stifel downgrades the Latin American online auction...

|By:, SA News Editor

MercadoLibre (MELI -3.1%) sells off after Stifel downgrades the Latin American online auction giant to Sell, citing competition. Stifel notes Amazon (AMZN) reportedly plans to open up shop in the Sao Paulo region, and Japanese e-commerce site Rakuten is also targeting Brazil. The firm thinks MercadoLibre's multiples will have to contract to reflect heightened risk. The company's Brazilian sales grew 39% Y/Y in Q4.