diff --git a/IPython/nbconvert/preprocessors/coalescestreams.py b/IPython/nbconvert/preprocessors/coalescestreams.py
index 5d906a8..f00c3cf 100644
--- a/IPython/nbconvert/preprocessors/coalescestreams.py
+++ b/IPython/nbconvert/preprocessors/coalescestreams.py
@@ -69,7 +69,7 @@ def coalesce_streams(cell, resources, index):
             last.text += output.text
         else:
             new_outputs.append(output)
-        last = output
+            last = output
 
     cell.outputs = new_outputs
     return cell, resources