The world’s largest online marketplace, eBay, hit a new 52-week high on Wednesday, and the stock more than doubled over the last year. So is there still room for investors to get in? Scott Kessler, equity analyst at Standard & Poor’s, shared his insights.
“EBay has done a much better job of serving the interest of both buyers and sellers, in a way that makes the marketplace more active and profitable for everyone that’s using it,” Kessler told CNBC.
Kessler has a "buy" rating on the online auction firm and raised his 12-month target price to $32 from $29 a share.
“We see a lot of prospects for gaining traction, particularly in PayPal, which is the crown jewel of the company,” he explained. “They opened up the platform up to developers, starting in the fourth quarter of last year.”
“Today, they had a couple of announcements in China where the country’s largest and only debit card network is going to be using PayPal starting in October of this year,” Kessler continued.
“There’s a lot of potential for PayPal in a variety of different contexts including micro payments as well.”
More Market Intelligence:
CNBC Data Pages:
Cramer's 12 Stocks to Play the Recovery
EBay Competes With:
Kessler does not own shares of eBay.