In a note released Wednesday, Piper Jaffray analyst Gene Munster downgraded eBay Inc EBAY from Overweight to Neutral and cut his price target from $63 to $55 citing the unveiling on Apple Inc.'s AAPL new Apple Pay.
Munster said Apple Pay may weigh on eBay's multiple over the next three to six months. However, he doesn't expect it to affect the company's business over the next six to 12 months.
Munster did note, with the integration of Passbook, Apple Pay does represent the potential for "strong" competition with PayPal.
Shares of eBay are trading down more than two percent.
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