Research Alert: CFRA Maintains Buy Rating On Shares Of Ebay, Inc.
09:50 AM EST, 02/05/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We maintain our Buy and raise our target by $14 to $74 after a strong Q4 featuring: 1) 21% Y/Y growth in Gross Merchandise Volume (GMV) and 7% growth in active buyers to 185M, up from 2% in Q1 and 5% in Q2 and Q3, reflecting the ongoing Covid-driven surge in global e-commerce; 2) outstanding execution and progress for new CEO Jamie Iannone's turn-around, with 28% Y/Y organic revenue growth, up from 25% in Q2, 24% in Q3 and modestly higher operating margin at 28% despite restructuring disruptions; 3) surprisingly strong guidance for Q1 '21, implying Y/Y revenue growth of 35% to 37%; 4) attractive valuation relative to EBAY's reinvigorated growth prospects and $0.02 higher dividend now yielding 1.2%. Our $74 target is the product of our '22 EPS forecast of $5.38, up from $4.77, and a 13.8x multiple (2-yr. mean). Revenue of $2.87B, +28% Y/Y, beat consensus by $160M; EPS of $0.86, up $0.05 Y/Y, beat by $0.03. We also raise our EPS forecast for '21 by $0.46 to $4.55, and we initiate '23 at $6.08.