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Investing.com - Mizuho initiated coverage on StubHub Holdings (NYSE:STUB) with an Outperform rating and a $24.00 price target on Monday. The stock, currently trading at $18.89, has shown strong momentum with an 11.6% gain over the past week, according to InvestingPro data.
The research firm believes StubHub shares look inexpensive at 9x its $980 million adjusted EBITDA estimate for 2026, and approximately 11x when excluding the estimated $142 million direct issuance contribution to EBITDA. While the company maintains impressive gross profit margins of 81% and solid revenue growth of 19% year-over-year, InvestingPro analysis indicates the stock is trading at a relatively high EV/EBITDA multiple of 56.3x based on current figures.
Mizuho notes that StubHub’s current share price implies expectations of only $500-600 million in 2026 adjusted EBITDA, significantly below the firm’s $980 million base case estimate.
The firm’s base case anticipates StubHub’s EBITDA multiple expanding from 9x to 11x on 2026 estimates, supporting the $24 price target, while its bull case sees potential for shares to reach $45 if the multiple expands to 16x.
Mizuho’s bear case scenario suggests 50% downside risk if the direct issuance business fails to scale and core operations require additional investment, which would result in $525 million EBITDA with multiple contraction to 10x.
In other recent news, StubHub Holdings has been the subject of several analyst reports, highlighting its strong position in the secondary ticketing market. Citizens initiated coverage with a Market Outperform rating, setting a price target of $24.00, noting StubHub’s leadership in North America and potential growth from new business lines. JPMorgan also began coverage with an Overweight rating and the same $24.00 price target, emphasizing StubHub’s accelerating market share gains and strong network effects. BMO Capital joined the list with an Outperform rating and a higher price target of $30.00, citing the company’s scale and differentiated offerings as key competitive advantages. Evercore ISI initiated coverage with an Outperform rating and a $29.00 price target, highlighting StubHub’s dominant market position and significant gross merchandise sales. Meanwhile, Goldman Sachs provided a Buy rating and the highest price target of $46.00, pointing to a long-term trend favoring experiences over products as a positive factor for StubHub. These recent developments underscore the company’s robust market presence and potential for future growth.
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