eBay price target lowered to $90 from $95 at Bernstein

Bernstein lowered the firm’s price target on eBay (EBAY) to $90 from $95 and keeps a Market Perform rating on the shares. The firm notes that the Q3 print itself was very strong on the top-line, and Bernstein thinks the Q4 gross merchandise value outlook leans conservative. However, the strength in 2025 sets up a conundrum for the stock going into 2026 – these comparable sales will not be easy to lap, and get progressively tougher. The deceleration is well known, but could be pronounced in the second half of 2026 and the firm believes it likely moves eBay into funding short territory for many.