Piper Jaffray Upgrades eBay Inc. (EBAY) Two-Notches to Overweight
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Piper Jaffray upgrades eBay Inc. (Nasdaq: EBAY) from Underweight to Overweight, citing eCommerece survey and web traffic. The firm raised their price target from $19 to $30.
The firm notes "our proprietary quarterly eCommerce survey of 300 online shoppers shows 79% were 'satisfied' or 'very satisfied' with eBay, up from 70% the previous two surveys" and also noted, "Data from compete.com shows unique users to eBay's U.S. site increased 12% y/y in August, up from ~5% y/y the prior 3 months. We are modeling for marketplace revenue to be down 8% y/y in Sept. Given GMV is the critical part of the equation, unique users are only a directional indicator to eBay's marketplace revenue."
NOTE: This is the second major upgrade of eBay today. Ealier we noted UBS upgraded the stock to Buy.
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