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US Recession to Likely Impact E-Commerce Sales, UBS Says; eBay, Farfetch Downgraded

4:10PM ET 6/28/2022 MT Newswires
E-commerce sales will likely come under pressure in an economic downturn, said UBS, which downgraded eBay (EBAY) and Farfetch (FTCH) to neutral from buy.

The firm lowered price targets for all companies under its coverage, reflecting lower multiples and estimates.

Online sales could come below consensus estimates in 2023 even under a mild downturn scenario, UBS said.

"We reduce our estimates across [e-commerce] names, particularly on the top lines, broadly in line with a milder downturn," the firm's analysts wrote. "We recognize the companies will be focused on cost cuts, though it is not clear how fast they will reduce costs and it will likely vary across companies."

UBS said it prefers Amazon (AMZN) among large caps and MYT Netherlands Parent (MYTE) among smaller caps.