Baird analyst Colin Sebastian reiterated an Outperform rating and boosted his price target on eBay (NASDAQ: EBAY) to $72.00 (from $69.00) after the company reported solid Q2 results, a bit ahead of expectation.

Sebastian "Marketplace growth accelerated slightly and PayPal continues to shine. Consistent with our monthly tracker, favorable comps boosted Marketplace GMV, while PayPal growth continues to handily outpace overall e-commerce (TPV growth accelerated to +28% Y/Y ex-F/X vs. +25% 1Q15). Off-eBay volumes for PayPal were particularly impressive (+36% Y/Y), Given steady Marketplace fundamentals and ongoing PayPal momentum, we maintain our Outperform rating ahead of the 7/20 split."

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Shares of eBay closed at $63.44 yesterday.