UPDATE: Evercore Group Downgrades eBay on Less Expected Potential for Outperformance
In a report published Wednesday, Evercore Group analyst Ken Sena downgraded the rating on eBay (NASDAQ: EBAY) from Overweight to Equal-Weight, and lowered the price target from $64.00 to $58.00.
In the report, Evercore Group noted, “Our rating revision weighs eBay's large addressable markets and undemanding valuation against the potential for sustained take-rate pressure within Payments and a higher level of investment across segments. Moreover, while we do not see valuation risk at these levels, we do suspect the potential for further negative estimate revisions, including its 2015 guidance. As a result, we expect less potential for outperformance and view Equal-Weight as more appropriate.”
eBay closed on Tuesday at $51.93.
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