BofA Says eBay Should Benefit From News Google To Accept PayPal On Google Play
Shares of eBay (NASDAQ: EBAY) spiked about three percent from Friday's low, as traders digest a research note released Friday morning by Bank of America.
In the note, analyst Justin Post described how eBay may benefit from Google's (NASDAQ: GOOG) decision to accept PayPal on Google Play in 12 countries. In light of this news, Post has maintained his Buy rating and $65 price objective.
Post noted that PayPal's revenue take was not disclosed, but views this as a "large potential revenue opportunity" as the scale of Google Play's digital media purchases continues to increase. Additionally, Post views this deal as providing potential for further integration of PayPal within Google given the "mixed reception" of Google Wallet.
Shares of eBay were trading up around two percent at $52.36 from the Thursday's close of $51.36.
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