eBay (EBAY) PT Raised at Piper Sandler; 'Consistent GMV Growth Now Becoming the Norm'

Piper Sandler analyst Tom Champion raised the price target on eBay (NASDAQ: EBAY) to $102.00 (from $95.00) while maintaining a Overweight rating.

The analyst commented: "Consistent GMV Growth Now Becoming the Norm; 3Q results were very strong across the board, with GMV growth accelerating over 4% to +8% y/y cc & the US accelerating to 13%. Focus category investment appears to be paying off. We like the improving fundamentals, and management is now able to reinvest more profit dollars to grow top-line. PT to $102 from $95 on higher estimates, reiterate OW.

Management offered an improved growth outlook suggesting 4Q GMV growth of ~5% on an FXN basis (6% spot basis). With the more consistent growth profile it seems like Ebay has entered a new development period, which may warrant a higher multiple. We raise FY26E revenue by 3% and EBITDA by 1%. PT moves to $102, reiterate OW."

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