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Morgan Stanley Assumes eBay at Underweight with 'Street Low' Target, Stock Falls 2%

By Sam Boughedda Morgan Stanley analyst Lauren Schenk assumed coverage of eBay (NASDAQ:EBAY) with an Underweight rating and a 'Street Low' $36 price target on Thursday, sending its...
Morgan Stanley Assumes eBay at Underweight with 'Street Low' Target, Stock Falls 2% © Reuters. Morgan Stanley Assumes eBay (EBAY) at Underweight with 'Street Low' Target, Stock Falls 2%

By Sam Boughedda

Morgan Stanley analyst Lauren Schenk assumed coverage of eBay (NASDAQ:EBAY) with an Underweight rating and a 'Street Low' $36 price target on Thursday, sending its stock more than 2% lower.

The analyst sees downside to second-half and out-year estimates.

Morgan Stanley's new bottom-up analysis sees the online apparel resale market at $45 billion, growing more than 10% per year. While single verticals have driven the industry growth over the last decade, we think consolidation is the future, said Schenk.

"The resale apparel industry has been an area of increasing investor focus with the recent IPOs of Poshmark (NASDAQ:POSH), ThredUp (NASDAQ:TDUP), RealReal (NASDAQ:REAL), and Etsy's (NASDAQ:ETSY) acquisition of depop, but limited work has been done to size it given lack of data and visibility into the private market. We introduce a new bottom-up analysis derived from analyzing public company data, private company disclosures, and web traffic data across more than 70 resale companies," said the analyst.

Morgan Stanley sees continued share losses driving below consensus top-line results and margin pressure.

"We estimate EBAY lost >500 bps of market share in 2021, which we expect to continue as new entrants continue to take share. EBAY is attempting to compete with its 'focus categories' strategy, targeting most of the verticals these niche players have emerged; however, we are concerned that by investing in individual category experiences, EBAY is putting resources behind less scalable opportunities that will require reinvestment as vertical players innovate, leading to lower operating margins over time."

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03-07-2022 01:17:26 (UTC+7)

EUR/USD

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Adidas AG

167.64

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 EUR/USD1.0429Neutral
 GBP/USD1.2098↑ Buy
 USD/JPY135.21↑ Sell
 AUD/USD0.6816↑ Sell
 USD/CAD1.2888Buy
 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
 S&P 5003,825.33↑ Buy
 DAX12,813.03Buy
 FTSE 1007,168.65↑ Buy
 Hang Seng21,859.79Sell
 Small Cap 20001,727.76↑ Buy
 IBEX 358,176.10↑ Buy
 BASF41.270↑ Buy
 Bayer57.35↑ Buy
 Allianz182.00↑ Sell
 Adidas167.64↑ Sell
 Lufthansa5.566↑ Sell
 Siemens AG96.00↑ Buy
 Deutsche Bank AG8.053↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,800/ 6,860
(6,800/ 6,860) # 1,805
SJC HCM6,820/ 6,880
(0/ 0) # 1,766
SJC Hanoi6,820/ 6,882
(0/ 0) # 1,768
SJC Danang6,820/ 6,882
(0/ 0) # 1,768
SJC Nhatrang6,820/ 6,882
(0/ 0) # 1,768
SJC Cantho6,820/ 6,882
(0/ 0) # 1,768
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Cập nhật lúc 18:49:42 02/07/2022
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