eBay (EBAY) PT Lowered to $41 at Citi Following 4Q
Citi analyst Mark May lowered the price target on eBay (NASDAQ: EBAY) to $41.00 (from $42.00) while maintaining a Buy rating following the company's 4Q earnings report. While 4Q18 results were generally in-line, EBAY increased its focus on capital allocation. The company initiated a $0.14/sh qrtly divd, and plans to return $7bn to shareholders over the next two years.
4Q total revenue of $2.88bn grew 6% y/y, with total Transaction revenue up 7% y/y FXN. Active buyers increased 4% (flat vs 3Q18 and 2Q18) to 179mn. Mgmt expects 1Q net revs of $2.55-2.60bn (vs the $2.56bn cons) and non-GAAP EPS of $0.62-0.64 (vs $0.61 cons).