eBay (EBAY) PT Raised to $47 at Wells Fargo

Wells Fargo analyst Brian Fitzgerald raised the price target on eBay (NASDAQ: EBAY) to $47.00 (from $45.00) while maintaining a Equal Weight rating.

The analyst comments "Other factors on the print: use of ADE proceeds, macro. ADE transaction remains on track to close in 2Q24. Believe '24 guide of 'at least' $2.0B of share repurchases suggests this figure could be revised higher upon close; WFSe ~$2B of proceeds could be 8% accretive to '24 EPS. EBAY has highlighted cont'd consumer volatility in 4Q and 1QTD. If the more severe headwinds in UK & Germany begin to abate, alongside cont'd x-border strength, we would be more constructive on GMV growth in 2H24. Estimates, valuation & price target. Raise 2024 and 2025 GMV estimates slightly as FX offsets our increased Int'l FXN growth assumptions. Increase 1P ads penetration of GMV by 5 points to reflect the better GMV trend. Overall, 2024 and 2025 OI increase by 1% and 2%, respectively, while GAAP EPS increases ~1% in each year, reflecting a lower number of shares repurchased. Increase our PT to $47, 13x our updated 2025 EPS, and reiterate Equal Weight."

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