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Investors Starting To Recognize eBay's Potential For Improving Growth

eBay Inc. NASDAQ:EBAY - Investors Starting To Recognize eBay's Potential For Improving Growth

Baird’s Colin Sebastian mentioned that the proprietary eBay Marketplace Tracker indicated that eBay Inc EBAY 2.48% continued to see steady growth in the mid-single-digit range year-over -ear in August.

Sebastian maintains an Outperform rating on the company with a price target of $35.

Further Improvement Expected

The analyst believes that although FX headwinds persist, the stock would “react positively to any further improvements to core underlying growth” and stated 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.”

U.K. Sales

However, on its Q2 call, the company indicated that although the weaker pound had been driving export strength in the U.K., offset by weaker imports, the Brexit vote had so far not had any material impact.

Although online sales of non-food products continued to grow in the U.K., sales rose only 6.2 percent year-on-year in August, representing the slowest increase since March 2013.

“Although we expect eBay's Structured Data initiatives will launch more broadly via enhanced product pages in 1H17, the company continues to lay the groundwork through ongoing changes to seller policies, and in some cases, improvements to the seller experience,” the analyst pointed out.

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