Jefferies downgraded eBay (EBAY) to Underperform from Hold with a price target of $52, down from $60. The firm sees decelerating advertising revenue combining with increased marketing investments for “sluggish” profit growth and downside to consensus estimates for eBay. In addition, a recent slowdown in China eliminates a key tailwind to growth and further increases risk to numbers, the analyst tells investors in a research note.
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