The Benchmark Company Lowers Price Target On eBay Ahead Of 4Q14 Results

In a report published Tuesday, The Benchmark Company analyst Daniel L. Kurnos reiterated a Buy rating on

, but lowered the price target from $65.00 to $64.00. In the report, The Benchmark Company noted, “eBay (EBAY-Buy, PT $64) is set to report 4Q14 results tomorrow after the close. Shares have come off recent highs as estimates continue to be revised downward given the ongoing currency and economic headwinds in Europe. We are trimming our own forecast a bit further given the recent developments, coming in just above consensus on a consolidated basis for 2015, which we believe now reflects a fairly conservative outlook for the Marketplaces business. However, we still believe there is intrinsic upside to the current share price given the pending PayPal spin, with our sum of the parts analysis yielding a consolidated value of $64 per share even ascribing a discounted multiple of 11x to the Marketplaces unit.” eBay closed on Friday at $53.66.