Twelve Analysts Raise eBay Price Targets; Wells Fargo Upgrades

Twelve analysts raised price targets on eBay (Nasdaq: EBAY) on Thursday, Oct. 29, and Wells Fargo upgraded the stock to equal-weight from underweight, lifting its target to $106 from $91.

Wells Fargo upgrade

Wells Fargo's upgrade came before the open and moved its stance from negative to neutral. Its target rose from $91 to $106.

Other firms keep ratings

Eleven firms kept their ratings. Before the open, Needham kept its buy rating and raised its target to $140 from $135, and Rosenblatt kept buy with a target of $137, up from $132. During the session, Oppenheimer reiterated outperform with a $140 target, up from $133. StoneX kept buy at $140 from $136, and Wedbush kept outperform at $153 from $137. Barclays kept overweight at $136 from $123, and Truist kept hold at $133 from $115. UBS kept neutral at $137 from $131, and Morgan Stanley kept overweight at $140 from $132. After the close, JPMorgan kept neutral at $125 from $107, and Bernstein kept market perform at $125 from $115.

The actions came the day after eBay filed an 8-K with the SEC on Wednesday, Oct. 28.

Before Thursday, 23 firms had rated eBay in the past year: 11 positive, 10 neutral and two negative. Their median price target was $121.50.

eBay closed at $118.02 on Wednesday, Oct. 28, after rising 11.3% over the 20 sessions to that close. On Thursday the stock rose 2.7% to close at $121.19, while the S&P 500 ETF fell 0.4%.

The company has a market capitalization of about $52.52 billion. In the quarter ended June 30, revenue was $3.13 billion, up 15% from a year earlier, and net income was $550.0 million, up 51%. Cash and equivalents stood at $2.31 billion at that date.