UPDATE: JP Morgan Upgrades eBay with Overweight on Marketplaces, Mobile, Margins, and Multiple Expansion

JP Morgan raised its rating on eBay

from Neutral to Overweight and increased its price target from $39 to $50. JP Morgan noted, "We are upgrading shares of eBay from Neutral to Overweight and raising our PT from $39 (year-end 2012) to $50 (year-end 2013). We recognize eBay shares have outperformed YTD, appreciating 45% vs. the S&P 500 at 9%. However, we believe there is further upside over the next several quarters as eBay becomes an increasingly important partner for retailers across all 3 segments—Marketplaces, Payments, and GSI—and continues to benefit from its strong mobile presence." eBay closed at $43.95 on Thursday.