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Andrew

Managing Director and Senior Analyst at Wolfe Research

Andrew Rosivach is a Managing Director and Senior Analyst at Wolfe Research, specializing in the real estate investment trust (REIT) sector with a particular focus on multifamily and office REITs. He covers prominent companies such as AvalonBay Communities, Equity Residential, Essex Property Trust, and Vornado Realty Trust, with his calls historically earning him recognition among the top REIT analysts, including consistent top-quartile performance metrics on TipRanks and high accuracy in stock recommendations. Andrew began his equity research career at Credit Suisse in 2002 and established himself as a leading voice in REIT research before joining Wolfe Research in 2019. He is FINRA-registered and holds Series 7, 63, 86, and 87 securities licenses, further underscoring his expertise and credibility within the industry.

Andrew's questions to EBAY (EBAY) leadership

Question · Q3 2025

Andrew, on behalf of Shweta Khajuria, asked about the sustainability of growth in the trading cards category and key metrics to evaluate its success.

Answer

CEO Jamie Iannone affirmed a long runway for growth in trading cards, attributing recent momentum to trust and innovation through features like My Collection, Magical Listing, bulk listing, and partnerships with PSA. He noted that while growth isn't linear, the current healthy balance of new buyers, sold items, and average selling price provides confidence in the durability of GMV, even if year-over-year growth decelerates.

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