eBay price target lowered to $43 from $46 at Wells Fargo

Wells Fargo lowered the firm’s price target on eBay to $43 from $46 and keeps an Equal Weight rating on the shares following quarterly results. The more constructive 2024 stock scenario where eBay surprises to upside on margins driving a fwd estimate revision is now likely off the table, the firm says. Proactively cutting costs to offset marketplace weakness, shares likely range bound absent gross merchandise volume recovery, Wells adds.