eBay (EBAY) PT, Estimates Cut at Piper Jaffray Amid Soft Marketplace

Piper Jaffray analyst Gene Munster lowered estimates and his price target on Neutral-rated eBay (NASDAQ: EBAY) to $57.00 (from $62.00) following in-line Q3 results but soft marketplace numbers.

Munster commented, "eBay announced results essentially in line with the Street (revenue of $4.35b vs. consensus of $4.37b and EPS of $0.68 vs consensus of $0.67). The main focus was on the Dec-14 guidance of $4.9b in revenue vs the Street at $5.2b and $0.90 vs the Street at $0.91. We note that about 50% of the Dec-14 guidance below the Street was FX related, and the
balance marketplace. Our key theme is that marketplace continues to face headwinds from Google algorithm change, which should lessen in 2015, PayPal is healthy, and the payments landscape could begin to shift starting this month with the launch of
Apple Pay. Maintain Neutral and lower price target to $57 on lower LT marketplace expectations."

The firm lowered FY 2015 EPS from $3.42 to $3.12 and FY 2016 EPS from $3.83 to $3.55.

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 $50.24 yesterday.

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