** Brokerage Bernstein downgrades e-commerce firm eBay EBAY.O to "market perform" from "outperform," trims PT to $65 from $70
** PT implies a 3.3% downside to the stock's last close
** The operating environment for e-commerce has changed, with softer data and tariffs exacerbating risks, says brokerage
** Brokerage concerned about the impact of tariffs on eBay's business and is taking a "wait and see" approach, particularly with regard to China-sourced inventory
** Including session's moves, EBAY stock up 8.5% YTD
(Reporting by Padmanabhan Ananthan)
((Padmanabhan.Ananthan@thomsonreuters.com))
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