Piper Jaffray Reiterates Overweight Rating, $63 PT on eBay on Spring Marketplace Changes

In a report published Wednesday, Piper Jaffray analyst Gene Munster reiterated an Overweight rating and $63.00 price target on eBay EBAY. In the report, Munster noted, “Yesterday (3/19), eBay released its Spring marketplace changes. The bottom line is we anticipate that if these changes have the intended impact, they will provide a slight lift to the Street's 2013 GMV estimates (PJC $81.7B), but also likely modestly reduce take rate (PJC 8%). However, since these changes were planned by the company and part of its semi-annual update, we believe that they are already factored into revenue and EPS guidance. Overall, we believe that the platform changes were meant to improve the seller experience by simplifying the fee structure.” eBay closed on Tuesday at $51.10.