Following eBay Inc's EBAY decision to spin-off PayPal in to an independently traded company, Douglas Anmuth is “encouraged by the spin” but downgraded shares with a lower price target.
Anmuth is encouraged by the spin, which will allow each company to operate more efficiently and optimize its capital structures, while maintaining key relationships and synergies through operating agreements.
Nevertheless, the analyst downgraded shares from Overweight to Neutral on Wednesday morning. The price target was also slashed to $56 from a previous $61.
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