Wells Fargo Upgrades eBay (EBAY) to Outperform

April 24, 2013 9:07 AM EDT
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Price: $29.99 -0.93%

Rating Summary:
    28 Buy, 25 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Wells Fargo upgraded eBay (NASDAQ: EBAY) from Market Perform to Outperform with a price target of $61-$64 (from $55-$58). The upgrade relates to positive views about Marketplace and PayPal.

Analysts Matt Nemer and Timothy Willi noted Marketplaces is now growing at least in line and perhaps faster than the overall eCommerce market. In addition, they feel PayPal will likely emerge as one of the clear winners in the world of
mobile wallets.

"As we continue to monitor and evaluate the evolution of the mobile wallet we increasingly believe PayPal will emerge as a winner and one of the biggest players in the wallet space. We believe eBay will be successful in integrating into the physical shopping experience of consumers and merchants, not just the Internet shopping experience," said the analysts.

For an analyst ratings summary and ratings history on eBay (NASDAQ: EBAY) click here. For more ratings news on eBay click here.

Shares of eBay closed at $52.49 yesterday.

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