UPDATE: Goldman Sachs Increases PT to $48 on eBay

Goldman Sachs raises its price target on Buy-rated eBay

as first quarter results signal growth acceleration in payments and marketplaces. Goldman Sachs comments, "eBay reported 1Q results ahead of expectation with revenues of $3,277 mn (+29% yoy vs. 35% in 4Q) and non-GAAP EPS of $0.55 versus our estimates of $3,160 mn and $0.51. Organic revenue growth was +18% versus 19% in 4Q. With signs of growth acceleration in both payments and marketplaces, the stock is trading at a significant discount to the group and eBay's growth rate, and with $5 per share in net cash, we continue to believe that eBay represents the best risk/reward in the internet space." EBAY closed at $35.87 on Wednesday.