UPDATE: Canaccord Initiates Hold, Target of $34 on eBay

Canaccord initiates a Hold rating and a $34 target price on eBay, Inc. (NASDAQ: EBAY) as the company repositions early on the blending between offline and online commerce.

Canaccord says, “Growth in eBay's core Marketplaces business has recovered with recent strategic changes, but as the mix continues to shift toward larger sellers and fixed price, we believe eBay has more work ahead to ensure growth in gross merchandise value (GMV) is sustainable amid an intense competitive environment. While we believe Q4 is tracking well, we note competitive risks in 2012 and 2013.”

EBAY closed at $30.90 per share on Tuesday.