Cantor Fitzgerald Downgrades eBay (EBAY) to Hold

Cantor Fitzgerald downgraded eBay (NASDAQ: EBAY) from Buy to Hold with a price target of $27.00 (from $72.00).

Analyst Youssef Squali commented, "We downgrade eBay to HOLD from BUY post completion of the PayPal spin-off, reflecting the slow-growth nature of the remaining asset, while lowering our PT to $27 (from $72). While management appears to have succeeded in stabilizing Marketplaces, its turnaround remains a work-in-progress as evidenced by July and August's SSS data, which suggests low- to mid-single-digit Y/Y growth, far behind ecommerce's 15-20%. We opt to move to the sidelines as we await signs of sustainable growth re-acceleration. While strong FCF generation and $3B in authorized share buybacks limit the stock's downside risk, we find near-term catalysts lacking and the stock fairly valued at 8.0x CY16 EBITDA and ~14x P/E."

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 $26.20 yesterday.

You May Also Be Interested In

• Unicycive Therapeutics (UNCY) PT Raised to $15 at Benchmark Following Q2 Results
• SentinelOne Inc (S) PT Raised to $26 at Cantor Fitzgerald Following Strong Q2 Checks
• Hesai (2525:HK) (HSAI) PT Lowered to HK$24.20 at Macquarie