Online auction and e-commerce leader eBay Inc (NASDAQ:EBAY) left August with steady mid-single-digit Y/Y growth as indicated by Baird top analyst Colin Sebastian‘s monthly marketplace tracker. Positive on eBay’s future, Sebastian maintains an Outperform on the stock, with a price target of $35, which implies an upside of 8% from current levels.

Sebastian wrote, “As investors are recognizing eBay may be positioned for improving growth in coming quarters, our monthly eBay Tracker indicates that volume growth in August on continued to grow in the mid-single-digit range year-over-year. While F/X headwinds persist, we expect that shares would react positively to any further improvements to core underlying growth. Q3 growth expectations remain unchanged.”

“Overall, we continue to believe that EBAY shares represent a good value in large-cap Internet amid ongoing positive secular e-commerce growth trends and the potential for accelerating growth in 2H16, and more importantly, in the quarters and year ahead as core structured data initiatives roll out more broadly across the website/apps,” the analyst concludes.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Colin Sebastian has a yearly average return of 20.5% and a 81% success rate. Sebastian has a 18.4% average return when recommending EBAY, and is ranked #5 out of 4147 analysts.

Out of the 32 analysts polled by TipRanks, 12 rate eBay stock a Buy, 18 rate the stock a Hold and 2 recommend a Sell. With a downside potential of 7%, the stock’s consensus target price stands at $30.33.