Morgan Stanley analyst Nathan Feather double upgraded eBay to Overweight from Underweight with a price target of $62, up from $35. U.S. e-commerce is growing 8% annually, but the largest players are taking outsized share, the analyst tells investors in a research note. The firm expects eBay’s greater emphasis on site-wide innovation and generative artificial intelligence features to flip gross merchandise volume growth from negative to positive while maintaining or expanding adjusted EBIT margin. The analyst believes eBay is best positioned to capture upside from generative AI in 2024 to the extent its seller-focused features drive listing velocity and quality.
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