eBay price target raised to $78 from $72 at Needham

Needham raised the firm’s price target on eBay (EBAY) to $78 from $72 and keeps a Buy rating on the shares. The company reported better than expected Q1 results and Q2 guidance, with eBay showing the ability to outperform other e-commerce and discretionary peers, the analyst tells investors in a research note. Notably, GMV – Gross Merchandise Volume – outperformed expectations in Q1, beating the high end of guidance and growing 2%, with trends improving in March and April vs. January and February, the firm adds.