UPDATE: Jefferies Raises PT to $43 on eBay, Maintains Buy

Jefferies reiterates its Buy rating on eBay (NASDAQ: EBAY) and raises its price target to $43 from $42 on a solid quarter amid cautious outlook.

Jefferies notes, "Raised LT outlook (for FY13) shows mgt's increased confidence in its ability to deliver near the high-end of the targets laid out just a year ago. The improving Marketplaces fundamentals (sold items and active user growth), supported by PayPal's 20%+ organic growth and synergies from GSI remain near-term positives, and key reasons to like the name at current levels."

EBAY closed at $30.34 per share on Wednesday.