Movement Alert｜eBay Falls 3.96% in Pre-Market Trading, Wells Fargo Downgrades to Underweight with Sharp Target Cut

Market Focus08-03

On August 3, eBay fell 3.96% in pre-market trading, trading at $108.96/share, with turnover of $250,100. The decline was triggered by Wells Fargo downgrading eBay from Equal Weight to Underweight.

Wells Fargo slashed its price target from $105 to $92 and cut earnings estimates by 10%, placing its forecast approximately 9% below the Street consensus. The bank cited increased dilution following eBay's completed acquisition of fashion resale platform Depop, as well as the need for significantly higher marketing spend on Depop to counter competitor Vinted's entry into the U.S. market. The UK Competition and Markets Authority had cleared the Depop merger in mid-July, and the deal closed on July 30.

Notably, eBay is scheduled to report Q2 earnings on August 5 after market close, with consensus EPS expectations at $1.20. This compares to $1.37 EPS reported in the prior quarter. The downgrade arrives amid a complex backdrop that includes GameStop's ongoing pursuit of a roughly $56 billion acquisition of eBay, which eBay has rejected, and a recent $56 million harassment lawsuit settlement.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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