“Shares of eBay (EBAY) are down $1.32, or 2.3%, at $55.31, following multiple downgrades of the stock this morning after the company yesterday said it would split its business in two, the traditional “Marketplace” auction site, and the PayPal payments platform,” Tiernan Ray reports for Barron’s.
“After yesterday morning’s announcement, scrutiny turned to the matter of how much of a role Apple’s introduction earlier this week of Apple Pay, its electronic payment system that is expected to go into operation in coming weeks, may have prompted the move by eBay,” Ray reports. “Jefferies & Co.’s Brian Pitz cuts his rating to Hold from Buy, while maintaining his $59 price target.”
“Wedbush’s Gil Luria cut his rating to Neutral from Outperform, and cut his price target to $62 from $65, writing that the stock now more ‘fully reflects the value of PayPal within eBay upon the announcement of the spin-off,'” Ray reports. “JMP Securities’s Ronald Josey cut his rating to Market Perform from Market Outperform, writing that the stock is nearing his $58 price target.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Edward W.” for the heads up.]
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