Jefferies Raises PT on eBay (EBAY) to $66 on Upbeat Analyst Day

April 1, 2013 8:12 AM EDT Send to a Friend
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Jefferies raised estimates and its price target on Buy-rated eBay (NASDAQ: EBAY) from $62 to $66 following the company's 2013 Investor / Analyst Day on Mar 28th.

The firm said the event was upbeat and showed that all three segments are poised for growth.

"Management sounded upbeat about growth opportunities in all three segments and how the business is positioned to capitalize on these opportunities," the Jefferies US Internet Team led by Brian Pitz said. "We left eBay HQs encouraged by what we saw and heard from management (especially new LT guidance that exceeded our and Street expectations)."

eBay is ready for the age of omnichannel commerce, the firm notes.

"Per management, eBay has built the platform (both organically and through acquisitions) that could help its clients survive and thrive in this new world of omnichannel retail. With this transition, eBay estimates its addressable market expands 10x (to ~$10 trillion); we believe the company is well positioned to capitalize on this."

Key growth areas and drivers include: mobile, local, global, and data; which will continue to drive growth over the next 3 years and beyond. "The company is investing heavily (~$1B over the next 3 years) to develop further its capabilities in each of these areas," the analyst team notes.

The firm maintained FY13 EPS at $2.75 but raised FY14 from $3.28 to $3.32.

For an analyst ratings summary and ratings history on eBay click here. For more ratings news on eBay click here.

Shares of eBay closed at $54.22 yesterday.


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