Adobe double-downgraded at Wells Fargo; firm upgrades Tyler Technologies

Wells Fargo has reduced its price target for eBay Inc. shares to $91 from $92, maintaining an Underweight rating on the stock. This comes amid concerns over margin pressure and a belief that the stock's current valuation is too high. The analyst forecasts eBay to report a third-quarter gross merchandise volume beat and fourth-quarter guidance slightly above consensus estimates.

The firm sees two potential strategic paths for eBay: defending margins in its core business while investing in Depop at the expense of core organic growth, or reinvesting to re-accelerate growth and protect market share against Vinted, the latter being the preferred long-term strategy.

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