E-Commerce Stock Earns Overdue Upgrade

EBAY is outpacing the SPDR S&P 500 ETF Trust (SPY) year-to-date

Deputy Editor
Apr 18, 2024 at 9:12 AM
facebook X logo linkedin


E-commerce stock eBay Inc (NASDAQ:EBAY) is 3.9% higher in premarket trading, following a bull note from Morgan Stanley. The analyst upgraded EBAY to "overweight" from "underweight" and nearly doubled its price target to $62 from $35, saying the stock is undervalued compared to peers such as Etsy (ETSY).

Morgan Stanley's new price target represents a level eBay stock hasn't seen since the end of 2021. Should today's premarket gains hold, EBAY will snap a five-day losing streak. The security is outperforming the broader-market SPDR S&P 500 ETF Trust (SPY) in 2024, with the latter up just 5.3% year to date.

Despite a 13.4% year-to-date lead and a 12.3% year-over-year gain, analysts were hesitant towards eBay stock coming into today. Of the 25 in coverage, 18 analysts carried a tepid "hold" or worse rating, leaving plenty of room for more upgrades going forward.

On the other hand, options traders are more bullish. This is per the equity's 50-day call/put volume ratio of 1.65 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than all but 13% of readings from the past year. In other words, long calls are being picked up at a faster-than-usual pace.   

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI