JP Morgan Reduced eBay Inc. Stock Price Target To $32

JP Morgan analysts have lowered their target price on eBay stock to $32, based on choppy near-term outlook.

JP Morgan has restated a rating of Neutral on eBay Inc. stock, however reduced its price target to $32 from $33, reflecting shifting near term outlook. The firm reiterated its bearish viewpoint on the e-commerce company stock, and sees its business operations as “mixed,” in its initial days as an impartial business.

The international company stays one of the most substantial players in the industry of e-commerce, with more than $82 billion projected gross merchandise volume, and over 157 million monthly active users in the current fiscal year. Analysts at JP M organ think that the global company is trying its best to get its operations on the right path, followed by its split from PayPal subsidiary.

Moreover, JP Morgan is of the view that the company’s strategy to get back to its roots, and emphasize more on smaller sellers. It is going to drive innovation in organized data under its latest CEO, Devin Wenig. Lately, Cantor Fitzgerald analysts have also covered the stock of the company; they demoted it to Hold from Buy, and made a huge reduction in stock price target to $27 from 72.

Almost 48 analysts have coverage on stock of eBay, 16 recommend a Buy, 30 recommend Hold, while the remaining suggested a Sell. The twelve-month average target stock price is $29.74.The share closed at $25.59 on Friday, and dropped 55% relative to Dow Jones Index, that chop roughly 9% this year .

At this point, eBay insiders have 8.1% of company’s stock. In the last 6 months, there has been a change of -0.72% in an overall insider stake. eBay Inc. has total market capitalization of nearly $31,199 million and outstanding shares have been recorded around 1,218,228,000 shares. The 5-week high and low of e-commerce giant currently stands at $66.73 and $23.23, respectively. On Monday July 27 research note, Citigroup Inc. has also covered the stock of the company and reaffirmed a BUY rating.

eBay stock news shows that the stock have increased 17.83% in the last 52-week. The stock reached its 12 months high if $29.35 on July 20 this year and 12 months low was recorded on October 16 last year at $19.5. The 50-day and 200-day moving average stands at $27.07 and $25.79, respectively. Standard & Poor 500 has increased 1.82% during the past 52 weeks. The share price is expected to touch $42.76 in the near term. The higher forecast for the target price is $75 while the lower forecast stands at $27.