eBay price target lowered to $43 from $45 at Jefferies

Jefferies lowered the firm’s price target on eBay to $43 from $45 and keeps a Hold rating on the shares. The firm forecasts U.S. e-commerce sales growth decelerates from a 14% compound annual growth rate in 2014-19 to a 7% CAGR in 2023-28 and expects eBay’s GMV growth underperforms its end-markets by 7% over the same period. The firm believes its eBay GMV estimates “could prove aggressive despite being below consensus,” the analyst added. Jefferies is reducing its 2024 GMV and EBITDA estimates for eBay by 2% apiece.