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Citigroup Upgrades eBay to Buy

Citigroup upgraded eBay (EBAY) to buy from hold.

Analyst Mark Mahaney says his estimates remain unchanged, but renewed confidence has led him to slightly increase his long term growth assumptions and multiple. He raised his $45 price target to $51.

Mahaney says following eBay's second-quarter results, he has increased conviction that the quarter was an inflection point for the company's fundamentals. Further, he views Google's (GOOG) definitive announcement that it is not working on a PayPal competing product as a removal of a signficant negative catalyst.

Hence, based on channel checks, his proprietary listing database, and incremental analysis, he believes second-quarter trends are sustainable.

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