Citizens' downgrade reflects growing concerns that eBay's push to expand Depop will require significantly higher marketing investment just as competition from secondhand marketplace Vinted intensifies in the U.S. While Citizens expects eBay's core marketplace to remain resilient, particularly in collectibles, it believes higher marketing costs to support Depop could pressure earnings. The brokerage estimates Depop's marketing spending could exceed $250 million in 2026, up sharply from $119 million in 2025, after first-quarter marketing expense reached $42 million. Citizens said current models, including 2027 consensus estimates, may not fully account for the higher level of marketing investment. Related articlesCitizens downgrades eBay as Depop spending, rising competition cloud outlookNvidia's new Alpamayo project: What it means for Tesla?