UPDATE: Deutsche Bank Initiates Coverage on eBay with Hold Rating, $55 PT

In a report published Friday, Deutsche Bank initiated coverage on eBay

with a Hold rating and $55.00 price target. Deutsche Bank noted, “We think management has performed one of the few turn-arounds in large cap Internet history, and continues to execute as well as any company in our sector. eBay is well positioned in both segments to capture the growing mobile commerce opportunity. On the Marketplaces side, fundamentals remain strong as the company shifts more GMV to top-rated sellers, which is solving legacy trust issues. PayPal is one of the best secular growth stories, and has optionality in its new offline initiatives. At 19x 2013 EPS, the risk/reward is favorable, but has caught up with the improving fundamentals. We would add to positions on any meaningful pullback.” eBay closed on Thursday at $50.08.