Piper Jaffray Maintains Overweight On eBay Following ChannelAdvisor Report
In a report published on August 13th, 2014 Piper Jaffray analyst Gene Munster maintained an Overweight rating on eBay Inc. (NASDAQ:EBAY) with a price target of $63, following ChannelAdvisor eBay sales report showing an increase of 9.7% y/y, compared to 12.3% in the month of June and the Jun-14 quarter average of 13% y/y. The analyst does not believe investors should read too deeply into this data in relation to the overall September quarter, and he remain confident in his 2015 GMV growth estimates of 10%.
Munster said: “We note that this is one month’s worth of data and that, though we believe the security breach and Google algorithm change are largely passed, ChannelAdvisor speculates that eBay may still be experiencing some remaining headwinds. We remain comfortable with our 10% US GMV growth estimate for marketplace. We note that ~80% of ChannelAdvisor data is representative of the US market.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gene Munster has a total average return of 29.9% and a 74.5% success rate. Munster has a 10.9% average return when recommending EBAY, and is ranked #1 out of 3263 analysts.