eBay (EBAY) stock fell today after it reported Q3 earnings, causing Wall Street to reduce its price targets. Multiple analysts have lowered their takes on the e-commerce stock, prompting concerns about demand as the U.S. heads into the holiday season. eBay has been struggling lately, but now it appears that Wall Street is losing faith in it, even after the company’s earnings were mostly in line with expectations.
What’s Happening with eBay Stock?
eBay ended the day down over 8% after plunging this morning and failing to regain momentum. This is likely due to shifting analyst sentiment, as the Q3 earnings weren’t overly discouraging. But after a week of mostly stagnant trading, eBay is struggling to make up the ground it has lost since yesterday.
Among the analysts reducing their EBAY stock price targets is Bank of America Securities’ Justin Post, who lowered his from $65 to $64 while maintaining a Hold rating. Tipranks’ Christine Brown reports that “While eBay reported slightly better than expected revenue and earnings per share, driven by international initiatives and platform improvements, there are concerns about the company’s ability to about the company’s ability to sustain growth in the near term.”
UBS analyst Kunal Madhukar, who also maintained a Hold rating, trimmed his eBay price target from $72 to $66. Colin Sebastian of Robert W. Baird reduced his prediction as well, lowering it from $70 to $68, although he maintains a Buy rating. And Morgan Stanley’s (MS) Nathan Feather maintained a Buy rating while lowering his price target from $71 to $70.
Is eBay Stock a Buy, Sell, or Hold?
Overall, Wall Street sentiment remains fairly bullish. Analysts have a Moderate Buy consensus rating on EBAY stock based on nine Buys, 13 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 50% rally in its share price over the past year, the average EBAY price target of $63.52 per share implies 11.3% upside potential.
