StubHub's Promising Growth: Buy Rating Backed by Resale and Direct Issuance ExpansionGains - TD Cowen From: , Tuesday, November 11, 2025 7:00 AM StubHub Holdings (NYSE: STUB) Buy (1) ESG $28.00 STUB 3Q25 Gains View Full Report THE TD COWEN INSIGHT We expect STUB will report 4% y/y revenue growth in 3Q, supported by share gains in the Resale business, GMS from which we expect will grow 6% y/y amid T. Swift comp & all-in pricing. We forecast an overall '25-'30 rev CAGR of 40%+, supported also by STUB's emerging Direct Issuance (DI) biz.