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

MercadoLibre (MELI -3.1%) sells off after Stifel downgrades the Latin American online auction giant to Sell, citing competition. Stifel notes Amazon (NASDAQ: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.