Wedbush Cuts Price Target on eBay (EBAY) Following 3Q Beat
Wedbush maintained a Neutral rating on eBay (NASDAQ: EBAY), and cut the price target to $33.00 (from $34.00), following the company's 3Q earnings report. Revenue of $2.22b grew 8% YoY FXN and topped consensus of $2.19 billion and the guidance range of $2.16-2.19b. Non-GAAP EPS of $0.45 beat consensus by a penny.
Analyst Aaron Turner commented, "We believe EBAY will continue to benefit from the secular growth of ecommerce as initiatives such as site/mobile improvements and structured data help slow the rate of market share erosion."
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Shares of eBay closed at $32.52 yesterday.