Piper Jaffray analyst Michael Olson says MercadoLibre is positioned to exceed consensus revenue for Q3 and miss consensus operating income. The markets in which the company operates are early stage and, as a result, management continues to pursue activities that drive user awareness and share gains, Olson tells investors in a research note. The company appears to be spending aggressively on marketing for the payments business, adds Olson. The analyst, who believes investors will be receptive to the focus on growth, as long as MercadoLibre maintains a sales trajectory that is "solid-to-accelerating," keeps an Overweight rating on the shares with a $675 price target.