UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on eBay
In a report published Friday, Goldman Sachs Group reiterated its Buy rating on eBay (NASDAQ: EBAY), and raised its price target from $56.00 to $63.00.
Goldman Sachs noted, “We expect eBay's 4Q12 results will exceed consensus expectations and the high end of management guidance when the company reports on Wednesday, January 16 after the close. Based on our checks, along with third party data sources, we expect growth in the marketplaces business was robust this holiday season, and we believe marketplace growth continues to accelerate as eBay benefits from accelerating ecommerce growth and their own buyer experience improvements. PayPal should benefit from that acceleration as well as strong growth in mobile payment volume. We continue to believe that, at 19x what we view as conservative 2013 pro forma EPS estimates, eBay represents the most compelling risk/reward in our coverage.”
eBay closed on Thursday at $53.00.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.