eBay price target lowered to $46 from $48 at Wells Fargo

Wells Fargo lowered the firm’s price target on eBay to $46 from $48 and keeps an Equal Weight rating on the shares ahead of quarterly results. The firm sees improved gross merchandise volume growth necessary for positive re-rating of eBay’s shares as elusive near-term. Wells also believes better margins and capital return announcement with Adevinta stake sale provide support but says it needs growth reacceleration to become more constructive.