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NEW YORK (TheStreet) -- eBay (EBAY) stock is down 1.74% to $32.70 in pre-market trading on Tuesday, after the company was downgraded to "underweight" from "equal weight" at Barclays.

The San Jose, CA-based technology company has not shown the revenue growth necessary for profit upside, Barclays said. 

Additionally, investors may be too focused on eBay's significant share repurchase potential while ignoring "the lack of momentum at the core turnaround," the firm added. 

"We believe fundamentals continue to be weak, share repurchases may not be enough and within the confines of large cap Internet sector, we see more upside in most of the other stocks within our coverage universe," the firm said. 

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The firm lowered its price target on the stock to $25 from $28.

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