UPDATE: Canaccord Genuity Upgrades eBay to Buy on Sustainable Growth

In a report published Monday, Canaccord Genuity analyst Michael Graham upgraded the rating on eBay

from Hold to Buy, and raised the price target from $56.00 to $67.00. In the report, Graham noted, “After sitting out the first half on the bench, we are upgrading eBay from Hold to BUY for the second half of the game. We believe Marketplaces will continue to be a stable growth engine and that PayPal can surprise to the upside. eBay is innovating along many fronts which may require expanded investment/acquisitions. However, we believe in eBay's vision of syncing online and offline commerce and that with ~112 million eBay accounts and ~123 million PayPal accounts actively engaged on mobile, eBay is uniquely positioned to capitalize on this opportunity.” eBay closed on Thursday at $54.22.