eBay Gets Knocked Down

Piper cuts its rating on the stock to underperform.
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Internet auctioneer

eBay

(EBAY) - Get Report

saw its shares take a tumble early Thursday after Piper Jaffray downgraded the stock.

The firm lowered its rating on eBay to underperform from market-perform and cut its price target to $25 from $30. Among other issues, Piper said buyer activity has slowed, customer acquisition costs have risen and marketing costs will probably climb.

Shares of eBay were sliding 72 cents, or 2.7%, to $26.28 before the opening bell. The stock has traded between $22.83 and $47.86 in the past year.