JPMorgan downgrades StubHub to Neutral on guidance reset

JPMorgan downgraded StubHub (STUB) to Neutral from Overweight with a price target of $10, down from $22. The firm says the company’s 2026 EBITDA guidance is now 60% below what it projected in its October 2025 initiation. While the outlook “may finally be achievable,” StubHub also needs to work through its lock-up expiration beginning this Monday, March 9, overcome ongoing regulatory concerns, and gain credibility with investors, the analyst tells investors in a research note. JPMorgan believes all three components of StubHub’s business have down-ticked in recent months.