Wells Fargo lowered the firm’s price target on eBay (EBAY) to $100 from $101 and keeps an Equal Weight rating on the shares. The firm expects strong Q1 gross merchandise value results and Q2 guide, reflecting healthy fundamental trends. Pending Depop acquisition bolsters top-line growth by 150bps-200bps, strengthening eBay’s consumer-to-consumer position. eBay executing well, but Wells sees modest upside at 19 times 2027 GAAP price-to-earnings.
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