eBay price target lowered to $51 from $52 at Wolfe Research

Wolfe Research lowered the firm’s price target on eBay to $51 from $52 and keeps an Outperform rating on the shares ahead of the Q2 earnings report. The analyst continues to believe owning e-commerce stocks with upside potential to revenue and free cash flow is the best way to generate alpha on Q2 earnings and in the second half of 2023. On the mega-caps, firm’s preference, in order, is Meta Platforms, Amazon, and Alphabet. Wolfe’s agency checks in Q2 indicated sustained strength in digital advertising, and it also believes that there is share shift from offline channels currently.