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Shares of eBay Inc (NASDAQ:EBAY) have more than doubled since bottoming at $26.02 in March, and a Benchmark analyst sees even more upside ahead.
The eBay Analyst: Daniel Kurnos maintains an Overweight rating on eBay's stock with a price target lifted from $60 to $69.
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The eBay Thesis: E-commerce company eBay is scheduled to report second-quarter results after Tuesday's market close. The results shouldn't be "overly surprising," Kurnos said in a Monday note.
The company already said in a June business update that it is performing "significantly better" versus internal expectations, the analyst said.
The e-commerce platform guided its global gross merchandise volume growth between 23% and 26% in the second quarter, and Kurnos said the results should come in at the high end of the range.
The analyst named two questions heading into eBay's quarter that he said the company should clarify:
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How much of the momentum can be sustained into the third quarter?
Will eBay offer an update on the opportunity size and trajectory for its payments business?
The company is expected to offer "positive data" on both questions, he said.
Coupled with the recent pullback in eBay's stock from the Classifieds sale announcement, the stock looks to be attractive ahead of Tuesday's report, according to Benchmark.
EBAY Price Action: Shares of eBay were up 3.83% at $57.23 at the close Monday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.