NeoMagic Corporation (NMGC)

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Barclays initiates coverage on MercadoLibre (NASDAQ: MELI) with a Overweight rating and a price target of $250.00.

Analyst Deepak Mathivanan commented, "We are launching coverage with an Overweight rating and $250 price target. Our PT is based on a blended average of 25x FY18 and FY19 EBITDA, which is a premium to the e-comm peer group trading at 16x. MELI’s unit growth is well above peers and we think the premium is warranted. Furthermore, as the largest ecommerce player in LatAm, MELI is also in a favorable spot with significant upside as ecommerce penetration improves.