eBay heads into Wednesday's second quarter report carrying downgrades from Wells Fargo and Citizens, which expect Depop to need more marketing money than Wall Street has priced in as Vinted pushes into the US, according to Liz Morton at Value Added Resource. Wells Fargo analyst Ken Gawrelski moved the stock to Underweight with a $92 price target and cut 10% from his 2027 earnings estimate, while Citizens dropped to Market Perform and warned that what Depop pays to bring in customers could weigh on profit. Citizens projects Depop marketing spend above $250M this year, up from $119M in 2025, with $42M already recorded in the first quarter. Since the $1.4B acquisition closed July 30, the cost lands in guidance for the third quarter and the full year rather than Wednesday's numbers.
