Keefe, Bruyette & Woods Says Cyber Five Sales Are 'Encouraging'

Keefe, Bruyette & Woods commented on ChannelAdvisor’s sales report after it “released complete data for all five of the major Cyber shopping days of the season.”

According to analyst Sanjay Sakhrani, the Cyber Five SSS were “in-line with industry performance” and “encouraging.”

The firm estimated total US GMV growth of +6.0 percent yr/yr vs. about +6.6 percent in 3Q 2014 and +13.9 percent in 4Q 2013.

Turning the focus on eBay Inc EBAY, Sakhrani noted that “eBay sales at CA clients appeared to be encouraging over the Cyber Five as growth rates were relatively in-line with the overall industry after relatively soft data heading into the holiday shopping season.”

“Consumer spending over the holiday period, while lower than last year likely due to extended sales periods heading into the five day shopping period, remained relatively resilient.

“Additionally, we would note that EBAY performance was better than expectations for the industry as comScore initially projected 16 percent growth over the Cyber Five period. EBAY CA data lagged heading into the holiday season and we believe it is incrementally positive that the company’s Cyber Five growth rates were relatively in-line with the industry,” according to Sakhrani.

The firm maintained an Outperform rating on eBay with a $65 price target.  eBay Inc recently traded at $55.11, up 0.44 percent.