MercadoLibre (NASDAQ:MELI) is the dominant player is Latin American e-commerce. With second-quarter profits up 18%, and revenue up nearly 40%, the stock is hitting a new 52-week high. While some say the stock's valuation is too rich, analyst Matt Argersinger says it still has a lot of room to run.

By virtually every metric, MercadoLibre's business is on fire. eBay (NASDAQ:EBAY) itself has an 18% stake in MercadoLibre, and the two companies view themselves as partners, not competitors. And while today MercadoLibre's market cap is a mere fraction of eBay's, Argersinger believes, in 10 years, it will grow to be half of eBay's market cap.