Wells Fargo analyst Brian Fitzgerald downgraded eBay to Underweight from Equal Weight with a price target of $32, down from $45. The analyst, who views eBay's s pending sale of StubHub to Viagogo as a positive outcome, sees an unattractive risk/reward for the shares relative to sector peers. Fitzgerald expects headwinds for the company's core Marketplace business to continue amid the rollout of the Internet sales tax in the U.S. and rising competition from online and multichannel retailers and emerging marketplaces. Further, eBay's margin expansion potential may be limited given management's long-term outlook for ~30% Non-GAAP margin by 2022, Fitzgerald tells investors in a research note.