SMID eCommerce Q2 Sector Preview

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SMID eCommerce Q2 Sector Preview

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Internet/e-Commerce

Price Objective Change

eCommerce seeing a sector wide acceleration in 1H’26 22 July 2026

In Q2, we expect strong GMV growth trends as BAC aggregated credit & debit card data Equity

points to a meaningful acceleration in online demand. Online Spend grew 13% y/y, United States

accelerating 2pts versus Q1, as growth hit +16% y/y in June. This acceleration occurred Michael McGovern

despite tougher comps, suggesting more durable strength rather than just promotional Research Analyst

activity. We recently raised estimates for Etsy given outsized growth expectations BofAS+1 415 676 3520

relative to conservative mgmt. commentary & Street estimates. mmcgovern@bofa.com

EBAY: Seeing recent GMV acceleration; Raise PO to $120 JustinResearchPostAnalyst

Reports 8/5. US growth accelerated to a surprising +27% Y/Y in Q1, driven by Focus BofAS+1 415 676 3547

Categories, C2C, & recommerce, but mgmt. guided to 6pt decel for overall growth in Q2 justin.post@bofa.com

driven by tough comps, and initial data points (i.e. Bloomberg Second Measure) show

decelerating growth in June. The Depop acquisition was recently approved in the UK,

likely a key topic in earnings, & we expect acquisition close near-term. Depop adds ~1pt Exhibit 1: PO Changes in this report

to FY26 growth, but will be a LSD% headwind to operating profit & EPS growth. We Raising POs for EBAY, W; lower WIX, CVNA

raise our PO for eBay to $120 with a higher 24x GAAP 2027E P/E (vs prior 22x) given its BofA Company Rating Rating PO PO

recent accelerating growth profile; reiterate Neutral as eBay’s valuation is a premium vs. Ticker Old New Old New

eCommerce comps (comps at 21x 2027E P/E) despite in-line growth (see US CVNA Carvana Neutral Neutral 88 75