EBay (EBAY) is experiencing a significant acceleration in its Gross Merchandise Volume growth, marking a return to mid-single-digit growth for the first time since the COVID-19 pandemic, Morgan Stanley said in a report Thursday.
The company's Q2 GMV growth of 4% and a Q3 guidance of 3% to 5% have exceeded Wall Street expectations. The growth is described as "broad-based with success across focus categories, horizontal and geo-specific investments," with the US and collectibles sectors making an "outsized contribution," Morgan Stanley said.
"We believe the majority of the growth is durable and model 3% FXN GMV growth in 4Q25 & FY26," the report said, citing "clear traction across each of eBay's three pillars: focus categories, horizontal investments, and geo-specific initiatives."
New initiatives, including a partnership with Meta's (META) Facebook Marketplace, the expansion of eBay Live, and the used auto sales platform, could further fuel growth. The investment bank noted these efforts could each "lead to 1pt+ of GMV growth."
Morgan Stanley has an overweight rating on eBay and raised its price target to $89 from $81.
Shares of eBay were up more than 18% in recent Thursday trading.
Price: 91.58, Change: +14.02, Percent Change: +18.07
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