Needham Assumes eBay (EBAY) at Buy
Needham analyst Bernie McTernan assumes coverage on eBay (NASDAQ: EBAY) at Buy with a price target of $72.00.
The analyst comments "We re-instate coverage on EBAY with a Buy rating and $72 PT. EBAY is already best in-class at driving frequency among their enthusiast buyer base. We see the potential for EBAY (and other large marketplaces) to maintain leadership positions through leveraging machine learning to improve search and discovery which is still a major opportunity for EBAY. The company's focus on non-new in-season items is thread that connects seemingly disparate items together and allows the company to cross-sell and increase frequency and importantly differentiates the marketplace from AMZN and other major competitors. Additionally, EBAY is leveraging its scale for quality assurance and authenticity which was a major pain point from respondents in our survey."
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Shares of eBay closed at $63.32 yesterday.