eBay price target lowered to $56 from $58 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on eBay to $56 from $58 and keeps a Hold rating on the shares. As expected, eBay delivered strong Q1 results with gross merchandise volume growth 20 basis points ahead of the Street, displaying the underlying momentum that the company is delivering in remaking the platform despite the macro challenges facing discretionary e-commerce, the analyst tells investors in a research note. The firm says that while eBay’s shareholder return story remains intact, its modestly weaker buyback commentary “calls into question the ultimate use of Adevinta proceeds.”