UPDATE: Cantor Fitzgerald Initiates Coverage on eBay with Hold Rating, $48 PT

In a report published Friday, Cantor Fitzgerald initiated coverage on eBay

with a Hold rating and $48.00 price target. Cantor Fitzgerald noted, “We are initiating coverage of eBay with a HOLD rating and a $48 price target. The improving Marketplace fundamentals, supported by PayPal's healthy growth and synergies from GSI, are key reasons to like the name. Our HOLD rating is valuation-based, given the 54% run-up YTD.” eBay closed on Thursday at $49.96.