eBay transferred with Sell rating at Goldman Sachs

Goldman Sachs kept a Sell rating on eBay with an unchanged price target of $38 following a transfer of coverage. The firm sees a continued shift of consumer budgets away from discretionary goods and towards essentials and services, and it expect that the competitive pressure from Asia-based e-commerce platforms that picked-up in 2023 will only intensify in 2024, representing a headwind to growth and margins. Goldman believes that consumers will continue to concentrate their spending with scaled platforms that can offer a wider assortment, sharper pricing and faster shipping times, at the expense of smaller players.