Deutsche Bank Reiterates Buy, $21 Target on eBay

Deutsche Bank reiterates its Buy rating and $21 target price on eBay Inc. (NASDAQ: EBAY) on third party Black Friday and Cyber Monday data.

Deutsche Bank comments, “eBay Black Friday sales grew 15% YoY. Saturday ChannelAdvisor data was strong as well, with e-commerce growth up 21% (versus 13% growth in 2010 and 20% on Black Friday). eBay slowed to 12% (from 15% on Friday). Coremetrics (a division of IBM) reported even better e-commerce growth rates. Thanksgiving day online sales were up 29% YoY and Black Friday sales were +24% YoY. Interestingly, >10% of online shopping was done via an Apple iPad or iPhone (Android devices at 4%).”

EBAY closed down 1.12 percent at $28.23 per share on Friday.