UPDATE: Stifel Lowers PT on eBay Following Solid 3Q Results, Weak 4Q Guidance
In a report published Thursday, Stifel analyst Jordan Rohan reiterated a Buy rating on eBay (NASDAQ: EBAY), but lowered the price target from $65.00 to $63.00.
In the report, Stifel noted, “eBay's 3Q results were solid in our view, with in-line revenues with solid expense control. But the company cited weak US macro conditions as it tempered expectations for 4Q and the holiday season. Over the next couple weeks, we will find out if the weakness is more macro-driven or company-specific. We suspect a combination of both. The mobile and omni-channel growth story remains, but investors may wait for signs of re-acceleration before adding to positions, all else being equal. Our target price has fallen from $65 to $63 based on a 1.5% reduction in 2014 EPS.”
eBay closed on Wednesday at $53.52.
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