EBay's Depop Acquisition to Help Reclaim Market Share From Vertical Marketplace Competitors, UBS Says

MT Newswires Live01:03

EBay's (EBAY) acquisition of Depop is in line with its usual strategy that aims to recapture market share from competitors in vertical marketplaces, UBS said in a Tuesday note.

The Depop online marketplace for secondhand clothes is seen expanding eBay's access to younger shoppers, as well as boosts its consumer-to-consumer fashion and recommerce positioning, according to the note.

The company's Q3 guidance of gross merchandise value of 10% to 12% implies that its organic growth slows to a range of 7% to 9% from 14% in the previous quarter, UBS analysts said. With growth moderating from previous extraordinary levels, eBay's investment thesis returns to "blocking and tackling" with focus category expansion, which currently account for more than 70% of its total gross merchandise volume, the analysts said.

Even with the company expected to invest in Depop, eBay's full-year 2026 operating profit guidance still surpasses expectations, the analysts said.

UBS maintained the company's stock rating at neutral and raised the price target to $120 from $107.

Price: 106.80, Change: -0.91, Percent Change: -0.84

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