Piper Jaffray: Amazon and eBay Witness Slight Deceleration in May 2012

Piper Jaffray has published a research report on eBay

and Amazon.com

commenting the slight deceleration through channel checks during May 2012. In the report, Piper Jaffray writes, "ChannelAdvisor's May same store sales for eBay and Amazon saw a sequential deceleration over April. Amazon sales grew 41% y/y vs. 52% in April and an average of 51% for the March quarter. This is in line with our model, which has North American revenue growth slowing to 29% y/y in Jun-12 from 36% in Mar-12. eBay saw y/y growth of 21%, a sequential decrease from 23% in April, but an increase from the March quarter average of 19%, suggesting slight upside to our model. We are modeling eBay North American GMV growth at 11% y/y in Jun-12, down from 13% in Mar-12. ChannelAdvisor CEO Scot Wingo also commented on Europe following a recent event in the UK. He noted that while he expected a downbeat tone, comments were "generally positive," as the shuttering of some high street retailers has increased online demand." Piper Jaffray maintains its Overweight ratings on eBay and Amazon with respective $50 and $260 price targets. Amazon is currently trading down $2.84 from Friday's $218.48 closing price, while eBay is trading up $0.19 from Friday's $41.05 closing price.