eBay (EBAY) PT Bumped to $32 at RBC Following 'Mixed' Qtr

October 20, 2016 6:40 AM EDT
Get Alerts EBAY Hot Sheet
Price: $28.35 -0.25%

Rating Summary:
    27 Buy, 25 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 28 | Down: 20 | New: 17
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RBC Capital analyst Mark Mahaney bumped his price target on eBay (NASDAQ: EBAY) to $32.00 (from $31.00) following mixed Q3 results but maintained an Sector Perform rating.

Keys for the quarter:

1) Overall GMV Trends Neutral– 3% U.S. GMV growth was a surprising deterioration vs. Q2; while 7% Int'l GMV growth (ex-FX) was a modest improvement. Both growth rates, imply, however major ecommerce market share losses.

2) U.S. Marketplace Growth (ex-StubHub) Very Underwhelming– 1% Y/Y GMV growth, 2% Rev growth...

3) Consistent Marketplace Metrics– 4% Active Buyer growth and 4% Sold Items growth were consistent with Q2.

4) StubHub Growth Very Strong Tho Slipping On Tough Comps– At 31% Y/Y in Q3 (vs. 40% in Q2) and comps get materially tougher for next 3 quarters; &

5) Share Repos Continue– eBay repurchased ~$500MM of stock in Q3 and still has $2.3B authorization. $617MM FCF generation in Q3 was very healthy.

’17 Revenue decreases -0.5% to $9.36B, while GAAP EPS decreases 2% to $1.71.

For an analyst ratings summary and ratings history on eBay click here. For more ratings news on eBay click here.

Shares of eBay closed at $32.52 yesterday.



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RBC Capital, Mark Mahaney

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