eBay Inc

EBAY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$93.00	Fdtszsq	Whybchgn

eBay Earnings: Pressure Abroad Drives Margin Deleverage; We Still See Long-Term Upside

Sean Dunlop

Nov 8, 2023

Narrow-moat eBay posted solid third-quarter earnings, but soft guidance and margin pressure sent shares down 6%-7% in aftermarket trading. We think that the reaction is directionally correct but overblown, and expect to lower our $51 intrinsic valuation by a mid-single-digit percentage after digesting results.

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