Standard & Poor’s analyst Scott Kessler today cut his rating on eBay (EBAY) to Hold from Buy on a valuation basis, noting that the stock is now close to his $30 price target. The move follows the company’s earnings report on Wednesday.
“We were encouraged by the company’s recently provided Q3 results and Q4 guidance, reflecting continuing strength from payments,” he writes in a research note. “However, the Marketplaces unit, which accounts for more than 60% of revenues, continues to notably lag in multiple ways, as growth remains a significant challenge.”
Kessler adds that he sees the stock’s valuation “as largely full.”
EBAY is up 81 cents, or 3%, to $28.
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