UPDATE: Stifel Nicolaus Raises PT to $60 on eBay on Strong Quarter

Stifel Nicolaus reiterated its Buy rating on eBay

and raised its price target from $50 to $60. Stifel Nicolaus commented, "The eBay turnaround remains on track; results and outlook are in-line or slightly ahead of the prior guided range. U.S. marketplace GMV was up 16% y/y, above the growth rate for eCommerce, with fixed price growing 20% y/y. Payment transactions continue to grow y/y in the 28-30% range with TPV growth in the low-20% range. The eBay U.S. platform redesign is complete and improves the shopping experience. Mobile appears to be an accelerant to the overall business, helping to shape eBay as a leading edge company in the minds of new users, and to freshen the brand message to loyal eBay shoppers. Our Target Price increases from $50 to $60 as apply our current valuation multiples to our 2014 estimates." eBay closed at $48.20 on Wednesday.