EBay Cut To Sell At Evercore ISI On Payments Concerns

Evercore ISI analyst Ken Sena on Friday cut his rating on eBay Inc. to sell from hold over payments concerns facing the online retailer's PayPal business unit. Sena said iIncreased competitive risks outweigh potential rewards" for PayPal at the present time. Sena also said the growth of mobile payments is becoming a bigger threat to PayPal and threatens to relegate PayPal to a payment source, "which unfortunately places it in more direct competition with larger issuers offering loyalty [and] rewards. Sena also cut his price target on eBay's stock to $49 a share from $52. EBay has said it plans to spin off PayPal as a separate, publicly traded company in 2015.