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Fly News Breaks for January 9, 2020
Jan 9, 2020 | 08:12 EDT
As previously reported, Jefferies analyst Brent Thill downgraded eBay to Underperform from Hold with a price target of $31, down from $38, noting that his survey suggests that the brand is losing relevance to consumers. Of those he surveyed, only 20% think eBay generates more sales from new products, even though 80% is new, which illustrates its difficulty in communicating the message to consumers. Also, only 14% of respondents plan to spend more with eBay in the next 12 months, said Thill, whose unchanged EBITDA estimates are 2% and 3% below consensus for FY20 and FY21.