BofA raised the firm’s price target on eBay to $65 from $57 and keeps a Neutral rating on the shares. Given Bloomberg Second Measure credit and debit card data indicating potential for the company to meet/beat revenue expectations in Q3, and the benefit of rate cuts for consumer spend and sector valuations, the firm is raising its price target for eBay. However, the firm notes that its target implies a non-GAAP P/E multiple around the middle of eBay’s historical range as eBay continues to grow slower than the e-commerce industry.
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