eBay Downgraded, CBS Upgraded; Analysts Start Coverage of Coach

In Thursday's Analysts' Actions, Wall Street analysts are bearish on eBay (EBAY), but give CBS (CBS) a thumbs up. Meanwhile, another firm starts coverage of Coach (COH). Cantor Fitzgerald downgraded eBay to HOLD from BUY this morning and slashed its price target to $27 from $72, citing a slowing growth rate after completing its PayPal (PYPL) spin-off. Both July and August's same-store-sales growth is lagging behind the overall e-commerce growth rate. Analysts said eBay's turnaround is a work in progress. In another note, CBS got an upgrade at Deutsche Bank. The firm raised its ratings to BUY from HOLD. CBS recently launched Showtime's over-the-top streaming service. Deutsche says this will help boost earnings. Another positive is its advertising model, but despite those reasons, analysts reduced their price target to $60 from $67. Last, RBC Capital Markets started coverage of Coach with an OUTPERFORM rating. The handbag company is working on transforming its brand and restructuring initiatives. Analysts are optimistic on Coach's future, and set a $36 price target on the stock. TheStreet's U-Jin Lee reports from New York.