eBay (EBAY) PT Bumped to $32 at RBC Following 'Mixed' Qtr
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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.
Shares of eBay closed at $32.52 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Mark Mahaney
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