UPDATE: Bank of America Increases PO to $44 on eBay

Bank of America raises its price objective from $43 to $44 on Buy-rated eBay EBAY based on multiple catalysts for the company. Bank of America comments, "Product improvements continue to have an impact, and there is a lot more to come in 2012 with search improvements (Project Cassini), cross-border trade enhancements, PayPal Here roll-out, in-store PayPal checkout partner announcements, and eBay Marketplace check-out improvements (cross-selling and streamlined checkout). We are increasing our higher-than-street PO to $44 (from $43) based on 15x 2013E EPS of $2.59 (ex-interest income) plus approx. $5/share in cash/investments." EBAY closed at $35.87 on Wednesday.