eBay price target raised to $50 from $45 at Bernstein

Bernstein raised the firm’s price target on eBay to $50 from $45 and keeps a Market Perform rating on the shares. The firm notes eBay’s Q1 results offered a couple surprises. Gross merchandise volume growth exceeded expectations reaffirming Bernstein’s view that management’s framework for 2023 growth leans conservative. However, the expense growth outlook was also higher than anticipated, undercutting the firm’s view that eBay could beat the Street on costs in 2023. F/X is a factor, but the bigger takeaway for Bernstein is that eBay is in the midst of an important investment cycle to re-accelerate gross merchandise volume and Active Buyers.