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The Next Baidu?

Mercado Libre may be the eBay of Latin America, but it has the growth potential of Baudi.com, Cramer told viewers Thursday.

Mercado's share price has climbed to $50 from $21 at the August IPO, and six of those points have been tacked on just since Monday. But if Baidu , and even Google , is any indication, this story isn't over.

Both GOOG and BIDU "had enormous runs," Cramer said, "and then continued to have enormous runs. Mercado is the same kind of stock."

When it comes to Latin American e-commerce, Mercado Libre, as a combination of Amazon.com , eBay and PayPal, has a register that never seems to stop ringing. In 2006, the company processed a third of all e-commerce in Central and South America, and Mercado was the leading online marketplace in every major Latin American market. Not to mention, according to comScore, Mercado's website is the fifth most trafficked site in the region.

And e-commerce is still a baby in Latin America, so there's plenty more for Mercado Libre to accomplish. Cramer ran the numbers on Google and Baidu and, conservatively, put MELI somewhere in the middle. By his calculations, Mercado could go as high as $171 if it follows the same path as its predecessors. That's a 252% gain if the stock is bought right now, even after it's initial run. And MELI's still cheap, too.

"This is an unknown story," Cramer said, "but with this kind of performance it's going to get noticed." There's a chance Homegamers could get a better price on a pullback, but he doesn't recommend waiting too long for that to happen.

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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