eBay price target lowered to $45 from $46 at Wells Fargo

Wells Fargo lowered the firm’s price target on eBay to $45 from $46 and keeps an Equal Weight rating on the shares. The firm estimates a $200M annualized savings from 9% workforce reduction. While Wells considers this mostly incremental to November 2023’s announced intention to grow margins in 2024, it also assumes further pressure on gross merchandise value trends.