UPDATE: Deutsche Bank Reiterates On eBay On Well-Documented Headwinds

In a report published Thursday, Deutsche Bank analyst Ross Sandler reiterated a Hold rating on eBay Inc EBAY, but lowered the price target from $57.00 to $53.00. In the report, Deutsche Bank noted, “eBay's two businesses are facing well documented headwinds in 3Q and 4Q, but we think the upcoming spin and low-multiple could support shares. We have been on the sidelines on eBay for the past few years, and are actually becoming more interested as the shares decline and as the spin approaches, but we could see another leg down in the projections before all is done (likely 1H15). We see buybacks and the ‘under the hood' asset value in marketplaces providing some near-term support. We have reduced our 2015 EPS by 6% and updated our $53 SOTPs target accordingly. Hold.” eBay Inc closed on Wednesday at $50.24.