โ ๏ธ eBay $EBAY slides -6% โ Wells Fargo cuts to Underweight, Vinted threatens Depop turf
Wells Fargo downgraded eBay to Underweight and slashed its price target from $105 to $92, warning that the company will have to ramp marketing spend on its Depop platform to defend against European resale rival Vinted, now entering the US market. A $50M settlement in a cyberstalking lawsuit involving former employees is adding to the pressure. The combo of margin risk + analyst downgrade is hitting the stock hard this morning. Does Depop look like a mistake in hindsight, or can eBay hold the line against Vinted? Not financial advice.
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