MercadoLibre added as a new long idea at Hedgeye
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MercadoLibre (NASDAQ:MELI) was added as a new long idea at Hedgeye on a bullish thesis for the Latin American e-commerce giant. 
"The bullish setup is simple," Hedgeye analyst Brian McGough wrote in a note late Tuesday. "We have a positive macro inflection in MELIâs core markets that are supportive of strength in consumer spending and consumer equities. We have a high probability of rate of change improvement in the business, particularly on the top line, and we have lower competitive intensity with a core competitor under severe financial pressure."
MELI is also likely to benefit from the bankruptcy of Brazilian e-commerce competitor Americana. The setup is positive for MELI to win share "in what is a strong secular growth category" of online retail, according to McGough.
MercadoLibre (MELI) rose 4.5% in trading on Wednesday and is down 1.8% in premarket trading on Thursday.
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