Mizuho Securities Raises Price Target on eBay (EBAY) Following 2Q EPS Beat
Mizuho Securities maintained a Neutral rating on eBay (NASDAQ: EBAY), and raised the price target to $70.00 (from $65.00), following 2Q15 results. EBAY reported 2Q15 revenue of $4.4b, compared to $4.49 consensus. non-GAAP EPS of $0.76 came in above $0.72 consensus.
Analyst Neil Doshi commented, "eBay wrapped up its final quarter as a combined company in fashion with a nice beat and announced it sold the Enterprise business for $925m. Shares of core eBay starts trading today, while shares of PayPal start on Monday. We provide preliminary financial estimates for standalone EBAY and PYPL, but will fine tune our estimates as we gain further clarity from the two independent companies over the next few weeks."
Doshi also added, "The company raised its FXN revenue guide from 0-5% to 3-5% for 2015, which we view as a positive, but even at the 4% mid-point, that is still well below eCommerce growth. eBay also announced an additional $1b buyback authorization."
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Shares of eBay closed at $65.59 yesterday.