EBay is rated at Hold by Needham in first ratings look
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Needham started off coverage on eBay (NASDAQ:EBAY) with a Hold rating on its view that the transition for the e-commerce giant from a generalist to a category killer will take time to play out.
"While we are encouraged by innovative initiatives brought on by EBAY's new management team (focus categories, authentication, Vault), we think that regaining consumer mind share lost to niche vertical platforms domestically (StockX, REAL, POSH) and internationally (Alibaba) will take time, especially given today's consumer discretionary backdrop," updated analyst Anna Andreeva.
Andreeva and team view EBAY management's near to medium term top line goals and sell side estimates for 2023-2024 at risk due to the building GMV pressure. Valuation on EBAY is expected to contract due to the absence of top line stabilization.
Wall Street ratings scorecard on EBAY: 10 Buy-equivalent ratings or higher, 20 Hold-equivalent ratings, and 2 Sell-equivalent ratings.
The Seeking Alpha Quant Rating on EBAY has been at Hold since last October.