- Acknowledging EBAY's large addressable markets and reasonable valuation, analyst Ken Sena cites the potential for "sustained take-rate pressure within Payments and a higher level of investment across segments" as reason for cutting to Hold from Buy.
- "While we do not see valuation risk at these levels, we do suspect the potential for further negative estimate revisions, including its 2015 guidance ... In the U.K., we see retailers more effectively competing on customer conveniences, becoming savvier with respect to payment fees, and exploring partnership opportunities to address multi-channel needs. While multi-channel partnership opportunities are good for eBay, we see more risk of higher investment at a potentially lower take-rate."
- Shares -0.9% premarket
Evercore cuts eBay from a Buy
Dec 4 2013, 07:44 ET