Credit Suisse Downgrades eBay to Neutral

Credit Suisse lowers its rating on eBay

to Neutral from Outperform strictly on valuation grounds. Target price of $40 is maintained. Credit Suisse says, "We are lowering our rating on eBay to Neutral from Outperform, due to valuation. Given the strong performance of the stock, there is currently less upside (~6%) to our $40 target price. We note our view is strictly based on valuation, as we remain positive on eBay's long run opportunities." EBAY closed at $37.62 a share on Wednesday.