UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on eBay

In a report published Monday, Credit Suisse Group reiterated its Neutral rating on eBay

, and slightly raised its price target from $49.00 to $50.00. Credit Suisse noted, “Our overall positive view on EBAY's underlying fundamentals remains unchanged. We raise our 4Q12, 2013, and longer-term estimates as we believe the company's recent moves to: 1) compress the user signup path and resulting acceleration in active users, 2) redesign its home page, as well as to 3) update its search engine to better incorporate user behavioral/purchasing data to make improved merchandising decisions should all contribute to improved conversion rates. This in turn should provide a lift to both GMV as well as TPV growth rates in the near as well as medium term. Valuation remains the only factor keeping us from a more constructive rating. As such, we maintain our Neutral rating.” eBay closed on Friday at $53.70.