Bernstein analyst Nikhil Devnani upgraded eBay (EBAY) to Outperform from Market Perform with an unchanged price target of $70. The firm believes the recent pullback in the shares offers a better entry point. eBay has re-focused on the categories and use cases that best appeal to its core audience, and recent product improvements are allowing the marketplace to return to modest gross merchandise growth, which offers some upside to Street numbers, the analyst tells investors in a research note. Bernstein believes this can support the multiple as earnings compounds along with “healthy” buybacks.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on EBAY: