Mizuho Securities Cuts Price Target on eBay (EBAY) to $30 Following 8-K Filing

Mizuho Securities reiterated a Neutral rating on eBay (NASDAQ: EBAY), and cut price target to $30.00 (from $70.00), following financial results from 8-K filing . Based on the results 1Q15 and 2Q15 standalone eBay revenue was around 3%-4% lower than originally modeled. As such Mizuho lowered full year 2015 revenue by about 2% to $8.5b. 2016 revenue estimates remain largely unchained. Previous $70 price target included PayPal.

Analyst Neil Doshi commented, "eBay recently released an 8-K filing that provided historical financial results for the standalone eBay business. We've modestly lowered our 2015 estimates by 2% to account for some mixed data points on the eCommerce market, as well as continued FX weakness. However, we did modestly raise our '16 EBITDA estimate on potentially better cost management which should drive some margin improvement. We continue to believe that eBay is still in the midst of a transition, but we remain cautiously optimistic that eBay can grow in-line with the eCommerce market over the next 2-3+ years."

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 $27.77 yesterday.

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