UPDATE: Stifel Nicolaus Raises PT to $50 on eBay Following a Strong Quarter

Stifel Nicolaus maintained its rating on eBay

at Buy and increased its price target from $43 to $50. Stifel Nicolaus noted, "Growth in items sold continues to accelerate while GMV ex-auto had its highest organic growth rate since 2006. Organic revenue growth of +18% was the same as 1Q12 and a year ago. The total balance sheet remains strong, yet with U.S. cash at less than $1bn, the company suggested it may source additional liquidity which might negatively impact earnings. Share re-purchase activity continues at levels higher than 1Q; $2bn was added to the program authorization." eBay closed at $40.46 on Wednesday.