UPDATE: Piper Jaffray Upgrades eBay to Overweight

Piper Jaffray upgrades its rating on eBay EBAY to Overweight from Neutral and increases its price target from $36 to $50 as it expects an increase in valuation multiple to shares. Piper Jaffray notes, "While we do not believe EBAY will post meaningful upside to estimates in the next two years, we expect shares to move higher. The key question is will EBAY's multiple increase in anticipation of mobile payments? The bottom line is the awareness and optimism around mobile payments is likely to increase over the next two years, and despite questions about how and to what extent PayPal will participate, shares of EBAY will likely get caught up in the hype. eBay is the only company with any measurable market cap, a proven solution and vast user base in mobile payments." EBAY closed at $35.87 on Wednesday.