eBay Shares Surge as Morgan Stanley Names It a Top Pick

Deep News10-12 23:30

eBay shares climbed 5.1% on Monday after Morgan Stanley designated the online marketplace as a top pick, citing the strong performance of its Live Commerce business.

Analyst Nathan Feather said Live fills "a critical missing piece in eBay's growth map." Live Commerce draws in "short-term resellers who look for underpriced items in fast-paced auctions and then relist them on eBay to sell for a profit"; this model "speeds up transaction turnover and drives faster gross merchandise volume growth for eBay as a trading platform."

The growth in gross merchandise volume "surprised even the most bullish investors." The price target was raised from $127 to $132, with an Overweight rating.

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