Piper Jaffray: Amazon and eBay Witness Slight Deceleration in 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.
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