Global commerce leader eBay Inc (NASDAQ:EBAY) leaves July with steady growth, slightly above June growth levels, as indicated by Baird top analyst Colin Sebastian‘s monthly marketplace tracker. Positive on eBay’s future, Sebastian reiterates a Buy rating with a price target of $35, marking an 11% increase from where the stock is currently trading.
Sebastian believes, “With investors now recognizing that eBay may be poised for improving growth in the quarters ahead, our monthly eBay Tracker indicates that volume growth in July on ebay.com continued to grow in the mid-single-digit range vs. last year. While F/X is creating some headwinds, we note that shares will likely react positively to any further improvements to core underlying growth.”
Having recently recapped eBay’s Open seller conference, Sebastian notes that as eBay efficiently manages new product page roll-out pace coupled with improved brand imaging ahead with the campaign “Find your perfect on eBay,” shares continue to represent good value in a world of blossoming e-commerce growth trends. Sebastian highlights, “more importantly, next year as core structured data initiatives roll out more broadly across the website/apps.”
The company has solidly handled the wake of Brexit, as the weaker Pound has essentially provided momentum for the strength of UK exports. Meanwhile, eBay just hired on Bob Kupbens, former veteran of Apple e-commerce, to manage B2C sales to prioritize the platform’s merchant businesses on the rise. From Sebastian’s perspective, eBay is in a solid position and is only continuing to improve.
As usual, we like to include the analyst’s track record when reporting on new analyst notes to give a perspective on the effect it has on stock performance. According to TipRanks, Colin Sebastian is a top analyst, rated 5 stars and ranked #6 out of 4,102 analysts. Sebastian has achieved a high success rate of 81% and earns 18.6% in his annual returns. When recommending EBAY, Sebastian earns 17.4% in average profits.
TipRanks analytics exhibit EBAY as a Buy. Based on 23 analysts polled in the last 3 months, 10rate a Buy, 12 maintain a Hold, and 1 issues a Sell. The consensus price target stands at $30.83, marking a slight almost 2% downside.
Recommended Article: eBay Marketplace Growth Shows Stable Growth: Baird