UPDATE: Benchmark Upgrades eBay; Raises PT

According to a research report published this morning, Benchmark has upgraded eBay

from Hold to Buy, and increased PT from $37 to $45. In the report, Benchmark said, “eBay recorded accelerating 12% y/y GMV ex-vehicle growth in 1Q12, including 13% growth in US GMV and 11% growth in international, partially offset by a 9% y/y decline in vehicles GMV. While we had anticipated some domestic performance due to strong ecommerce sales in 1Q, including the leap day, 11% international growth was a surprise, particularly given that the drivers were a market share recovery in Korea and solid growth in Europe.” eBay is currently trading at $39.45.