eBay price target raised to $101 from $89 at BofA

BofA raised the firm’s price target on eBay (EBAY) to $101 from $89 and keeps a Neutral rating on the shares. U.S. GMV grew 7% year-over-year in Q2 and eBay guided total GMV growth to 5%-7% in Q3, notes the analyst, who estimates U.S. GMV to grow 7.5% year-over-year. The firm applies a higher multiple to reflect recent sector multiple expansion and while it is constructive on quarter-to-date data, it adds that eBay’s growth continues to lag peers in the eCommerce Big-5.