Goldman Sachs Analyst Is Bullish On Amazon But Not EBay Or Etsy

高盛分析師看好亞馬遜，但對eBay或Etsy不看好。

Benzinga · 00:32

Ahead of the fourth-quarter reporting season, Goldman Sachs' Eric Sheridan sized up the e-commerce industry.

In an analyst note published on Wednesday, Sheridan issued ratings for the following companies:

Amazon.com Inc (NASDAQ:AMZN) with a Buy rating and a price target of $240.
eBay Inc (NASDAQ:EBAY) with a Sell rating, raising its price target from $53 to $55.
Chewy Inc (NYSE:CHWY) with a Buy rating and a price target of $40.
Etsy Inc (NASDAQ:ETSY) with a Sell rating, lowering its price target from $47 to $45.
Wayfair Inc (NYSE:W) with a Neutral rating and a price target of $50.

Main Takeaways: Sheridan found the fourth quarter showed stable performance, boosted by stronger-than-expected holiday online sales. Non-discretionary and subscription-based purchases drove growth, especially among higher-income households.

The analyst is bullish on Amazon and Chewy for their customer loyalty, and in Amazon's case, its subscription. Sheridan noted that consumers "traded down" on price to close the year.

Goldman Sachs' Buy ratings on Amazon and Chewy reflects "continued preference" for e-commerce companies that are exposed to less discretionary categories with high repeat behavior through subscriptions and/or essentials purchasing, Sheridan says. Online spending "remains volatile across discretionary categories and lower-income households."

Chewy and Etsy have fewer repeat purchases and are driven by "enthusiast" buyers, he adds.

Sheridan also believes company margins will disperse in 2025, with Amazon and Chewy as beneficiaries and eBay and Etsy on the losing end.

Sheridan expects to see "a divergence in margin trajectories" between:

Companies that can balance stronger demand with targeted growth investments and produce attractive incremental margins with revenue outpacing expenses (Amazon, Chewy) and
A potentially more challenging margin outlook for the companies where we expect revenue to remain pressured (eBay, Etsy, Wayfair) "absent any additional cost reduction measures."

Sheridan anticipates online retail companies will maintain their commitment to share buybacks in 2025.

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Ahead of the fourth-quarter reporting season, Goldman Sachs' Eric Sheridan sized up the e-commerce industry.

在第四季度報告季節到來之前，高盛的埃裏克·謝里丹評估了電子商務行業。

In an analyst note published on Wednesday, Sheridan issued ratings for the following companies:

在週三發佈的分析師報告中，謝里丹對以下公司進行了評級：

Amazon.com Inc (NASDAQ:AMZN) with a Buy rating and a price target of $240.
eBay Inc (NASDAQ:EBAY) with a Sell rating, raising its price target from $53 to $55.
Chewy Inc (NYSE:CHWY) with a Buy rating and a price target of $40.
Etsy Inc (NASDAQ:ETSY) with a Sell rating, lowering its price target from $47 to $45.
Wayfair Inc (NYSE:W) with a Neutral rating and a price target of $50.

亞馬遜公司（納斯達克：AMZN）被給予買入評級，目標價爲240美元。
eBay公司（納斯達克：eBay）被給予賣出評級，將目標價從53美元提高到55美元。
Chewy公司（紐交所：CHWY）被給予買入評級，目標價爲40美元。
Etsy Inc（納斯達克：ETSY）被給予賣出評級，將目標價從47美元下調至45美元。
Wayfair公司（紐交所：W）被給予中立評級，目標價爲50美元。

Main Takeaways: Sheridan found the fourth quarter showed stable performance, boosted by stronger-than-expected holiday online sales. Non-discretionary and subscription-based purchases drove growth, especially among higher-income households.

主要結論：謝里丹發現第四季度表現穩定，由於節日在線銷售強於預期而得到提振。非必要和基於訂閱的購買驅動了增長，特別是在高收入家庭中。

The analyst is bullish on Amazon and Chewy for their customer loyalty, and in Amazon's case, its subscription. Sheridan noted that consumers "traded down" on price to close the year.

分析師看好亞馬遜和Chewy，因爲它們具有客戶忠誠度，而在亞馬遜的情況下，還包括其訂閱服務。謝里丹指出，消費者在年底時選擇了更便宜的價格。

Goldman Sachs' Buy ratings on Amazon and Chewy reflects "continued preference" for e-commerce companies that are exposed to less discretionary categories with high repeat behavior through subscriptions and/or essentials purchasing, Sheridan says. Online spending "remains volatile across discretionary categories and lower-income households."

高盛對亞馬遜和Chewy的買入評級反映了對電子商務公司的「持續偏好」，這些公司在非必需品類別中的曝光較低，並且通過訂閱和/或必需品採購展現出較高的重複購買行爲，謝里丹表示。在線消費在非必需品類別和低收入家庭中「仍然波動」。

Chewy and Etsy have fewer repeat purchases and are driven by "enthusiast" buyers, he adds.

他補充說，Chewy和Etsy的重複購買較少，主要面向「發燒友」買家。

Sheridan also believes company margins will disperse in 2025, with Amazon and Chewy as beneficiaries and eBay and Etsy on the losing end.

謝里丹還認爲，在2025年公司的利潤率將會分化，亞馬遜和Chewy將是受益者，而eBay和Etsy則處於失利的一方。

Sheridan expects to see "a divergence in margin trajectories" between:

謝里丹預計將看到以下公司之間的「利潤率軌跡差異」：

Companies that can balance stronger demand with targeted growth investments and produce attractive incremental margins with revenue outpacing expenses (Amazon, Chewy) and
A potentially more challenging margin outlook for the companies where we expect revenue to remain pressured (eBay, Etsy, Wayfair) "absent any additional cost reduction measures."

能夠平衡更強勁需求與有針對性的增長投資，並實現吸引人的增量利潤，營業收入超過支出的公司（亞馬遜，Chewy）以及
對於我們預計營業收入將保持壓力的公司（eBay，Etsy，Wayfair）來說，利潤率前景可能更具挑戰性，"沒有任何額外的成本降低措施。"

Sheridan anticipates online retail companies will maintain their commitment to share buybacks in 2025.

謝里丹預計在線零售公司將在2025年繼續致力於股票回購。

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Image: Shutterstock

圖片：Shutterstock

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