eBay (EBAY) Might be Best Story in Internet, Says Deutsche Bank; Analyst Raises Rating to 'Buy'
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Deutsche Bank upgraded eBay (NASDAQ: EBAY) from Hold to Buy with a price target of $40 (prior $30). Analyst Ross Sandler said EBAY might be the best story in Internet heading into 2017.
"We think EBAY is in the latter stages of its re-platforming, which is the time period where select internet stocks historically tend to generate the most alpha. Expedia went from a $6B market cap to over $30B in the 24 months coming out of its re-platforming back in 2011 (if you add the TRIP spin) and while we don’t expect a 5-bagger at EBAY, it could certainly outperform the group over the next 2 years. Sentiment is muted compared to the crowded best-of-breed names like AMZN, FB and GOOGL, and EBAY trades at a 8% FCF yield on conservative 2018 numbers," said Sandler.
The analyst added, "In summary, there are few out-of-favor accelerating-growth stories with upside to estimates and a reasonably low valuation, from that perspective EBAY might be the best story in Internet heading into 2017."
Shares of eBay closed at $31.85 yesterday.
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