eBay price target lowered to $59 from $62 at Wells Fargo

Wells Fargo lowered the firm’s price target on eBay (EBAY) to $59 from $62 and keeps an Equal Weight rating on the shares ahead of quarterly results. The firm is lowering gross merchandise value estimates reflecting FX headwinds; CC growth estimates largely unchanged. Wells sees FY25 free cash flow guide of about $1.5B vs. consensus $2.4B on greater 1-turn headwinds. Further, the firm sees FY25 margins down 90bps and pressure on take-rates from U.K. fee changes and FX headwinds.