UPDATE: SunTrust Robinson Humphrey Upgrades eBay to Buy, Raises PT at Stock Price Correction Creates Better Risk/Reward Entry Point

In a report published Monday, SunTrust Robinson Humphrey analyst Robert S. Peck upgraded the rating on

from Neutral to Buy, and raised the price target from $59.00 to $61.00. In the report, SunTrust Robinson Humphrey noted, “We are upgrading eBay today based on the markets correction of the stock price (down 1% YTD vs. SPX +27%, and off 15% from its April high) that we think has created a much better risk / reward entry point for investors. Our new $61 year end 2014 price target is predicated on a central tendency of value methodology, that employs a P/E of 17x on 2015 EPS of $3.61 (for a 1.15x PEG), 17x FCF and 10x 2015 EBITDA of $7b.” eBay closed on Friday at $50.52.