Deutsche Bank raised the firm’s price target on eBay to $58 from $55 and keeps a Buy rating on the shares. Heading into the Q1 e-commerce earnings season, the firm sees a “fairly constructive” spending backdrop with accelerative sales data in February, given the benefits of an extra day and less weather-related disruptions, and March growth that should be supported by a later tax-refund season. The firm expects industry growth rates to remain healthy into April, supporting constructive-to-stable Q2 growth outlooks relative to the Q1. Deutsche remains most constructive on Amazon (AMZN) and eBay (EBAY) heading into the prints, remains bullish on Wayfair (W) long-term but is concerned around some of the near-term trends, and struggles to chart a path toward improving growth at Etsy (ETSY) for the time being.
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