12:15 AM EDT, 05/02/2024 (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 lift our 12-month target by $2 to $57, calculated using an EV/EBITDA multiple of 9.6x against our 2024 adj-EBITDA estimate of $3,248M (+2% Y/Y) vs. 8x to 12x historical range. We lift our 2024 EPS to $4.78 from $4.65 and 2025's to $5.13 from $4.85. Q1 adj-EPS of $1.25 (+13% Y/Y) beat by $0.05 on revenues of $2,556M (+2% Y/Y), $24M above consensus. The quarter was strong, in our view, as gross merchandise volume (GMV) grew 1% Y/Y (flat Y/Y ex-FX), and operating margin grew 70 bps Y/Y to 30.3%. This was despite a soft January, which was negatively impacted by adverse weather. Q2 guidance was a bit soft, as EBAY ( EBAY ) notes a tougher discretionary environment in the U.K. and Germany (U.S. is holding up better). Still, EBAY ( EBAY ) sees positive Y/Y GMV growth (ex-FX) by Q3 or Q4 of this year. EBAY ( EBAY ) repurchased $499M shares in Q1 and has $2.9B authorization remaining. EBAY ( EBAY ) will receive about $2.2B in cash in Q2 from the sale of half its stake in Adevinta. We believe the company could accelerate share repurchases in Q2.