In a report published Monday, Pacific Crest Securities analyst Chad Bartley downgraded the rating on eBay EBAY from Outperform to Sector Perform, and removed the $60.00 price target.
In the report, Pacific Crest Securities noted, “In mid-May, Google updated its search algorithm, which affected eBay's search result rankings, and eBay also experienced a security breach. We spoke with larger eBay sellers about how these events impacted sales, and the majority reported seeing an incremental slowdown in growth in late-May and June. ChannelAdvisor data also point to a slowdown. Growth trends were already soft in Q1 and this could add to pressure in Q2 and 2H14. In addition, our Q2 consumer tech survey showed only 50% of eBay users changed their password after the breach, which tells us there could be a lingering effect beyond Q2.”
eBay closed on Friday at $51.50.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in