eBay (EBAY) PT Lowered to $47 at Evercore ISI

Evercore ISI analyst Mark Mahaney lowered the price target on eBay (NASDAQ: EBAY) to $47.00 (from $48.00) while maintaining a In Line rating.

The analyst comments " We maintain our In Line rating on EBAY on a very modest Beat & Lower print. Revenue came in 1% ahead of ISI/Street, GMV came in 1%/2% above ISI/Street and nonGAAP EPS came in 4% above Street/ISI. Active Buyer net adds were flat Y/Y which was in line with Street expectations. The main negative point to this print was the Q2 outlook. Management guided to Q2 Revenue of $2.49B-$2.54B, which came in below Street expectations of $2.56. Non-GAAP EPS guidance of $1.10-$1.15 came in below the Street at midpoint. For the Full Year, the company reiterated guide of GMV to turn positive in H2, with FY24 Revenue growth modestly outpacing GMV growth. FY24 GAAP EPS guidance was brought up slightly to 9-11% Y/Y from 8-10% Y/Y. Mgmt reiterated its commitment to 60-100bps of non-GAAP Op Margin expansion and at least $2B of share repurchases. While macro conditions remain complex/challenging for eBay, we view mgmt.’s commitment to expense discipline and margin expansion despite macro pressure and new product innovation cycles as a positive."

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