eBay (EBAY) PT, Estimates Bumped by Bearish Analyst at Piper Jaffray Post Q1
Piper Jaffray analyst Gene Munster bumped estimates and his price target on eBay (NASDAQ: EBAY) to $50.00 (from $49.00) following results but maintained an Underweight rating.
Munster commented, "eBay reported Mar-15 results largely in-line with our expectations and raised full year EPS guidance slightly, net of FX. Revenue of $4.45b was in-line with consensus and EPS of $0.77 was ahead of consensus at $0.70. Marketplace stabilized as expected and future growth lacks clarity; PayPal continues to have success in non-eBay TPV growth. While the quarter was stable, we note decelerating trends in user count and our long term optimism on shares of EBAY is muted based on our expectations for compression of PayPal's multiple as investors begin to assess risk beyond 2015."
The firm bumps FY 2015 EPS from $3.07 to $3.10 and FY 2016 EPS from $3.26 to $3.31.
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Shares of eBay closed at $56.75 yesterday.