In a report released today, John Blackledge from TD Cowen maintained a Buy rating on StubHub Holdings Incorporation Class A, with a price target of $28.00.
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John Blackledge has given his Buy rating due to a combination of factors, including expectations of continued growth in StubHub’s Resale business and the promising potential of its Direct Issuance (DI) segment. He anticipates a 4% year-over-year revenue increase in the third quarter, driven by a 6% growth in Gross Merchandise Sales (GMS) from the Resale sector, despite challenges in the international market.
Furthermore, Blackledge projects a robust revenue compound annual growth rate (CAGR) of over 40% from 2025 to 2030, supported by the DI business’s expansion. He also expects the company’s advertising segment to start contributing to revenue in 2026. The forecasted growth in adjusted EBITDA and the stabilization of the revenue take rate further reinforce his positive outlook on StubHub’s financial performance, justifying the Buy rating.