eBay (EBAY): Raising PT But Hold Rating Remains - Suntrust
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SunTrust Robinson Humphrey analyst, Bob Peck, reiterated his Neutral rating on shares of eBay (NASDAQ: EBAY) and raised his price target to $33 from $30 after data suggests US growth is improving.
The analyst believes eBay's transformation has been gaining traction, as evident from the recent beat and raise. ChannelAdvisor data suggests growth has picked up, but remains modest. The analyst is optimistic on the turnaround given the large base of buyers and sellers, and eBay's dominance within the long-tail, but acknowledges that much remains to be done even as competition is increasing. He is modestly raising mid-term estimates to reflect growing confidence in the turnaround.
Its worth noting that he analyst stated: "we see scope for re-rating as visibility improves".
Shares of eBay closed at $31.62 yesterday.
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