StubHub price target lowered to $27 from $29 at Evercore ISI

Evercore ISI analyst Mark Mahaney lowered the firm’s price target on StubHub (STUB) to $27 from $29 and keeps an Outperform rating on the shares. StubHub’s Q3 results were “a mixed bag” and the lack of Q4 guidance was “unexpected and contributed to a significant market reaction,” the analyst tells investors. While calling management’s decision to withhold Q4 guidance “disappointing,” especially given the challenging comps ahead, the firm argues that StubHub’s dominant position in the secondary ticketing market, combined with high-margin economics, remains attractive.