Truist Securities revised its fair value estimate for eBay Inc. to $94 from $92 while preserving a Hold recommendation on the shares after the company released fourth-quarter 2025 results and first-quarter 2026 guidance. The modest upward adjustment reflects Truist’s view that eBay’s recent performance signals continued progress on initiatives intended to reaccelerate gross merchandise volume growth.
Truist noted that eBay sustained a 10% year-over-year GMV growth rate in the second half of 2025 while maintaining free cash flow and returning capital to shareholders. The brokerage highlighted that focus categories outperformed core operations, with growth in those categories accelerating to more than 16% in the fourth quarter of 2025.
As part of its strategic moves, eBay announced the acquisition of Depop from Etsy. Truist described the deal as likely to strengthen eBay’s consumer-to-consumer fashion marketplace offering, attract younger shoppers and help accelerate growth in that category.
On valuation, Truist reported that eBay trades at 10.3 times enterprise value to EBITDA and 13.5 times price-to-earnings on a non-GAAP basis, using the firm’s fiscal 2026 estimates. Those multiples informed Truist’s fair value setting at $94. Analyst Youssef Squali at Truist kept the Hold rating in place.
The company’s fourth-quarter performance also prompted a series of reactions from other brokerages and research shops. eBay reported gross merchandise volume growth of 8% year-over-year on a constant currency basis for the fourth quarter, outpacing its own guidance range. In response, Piper Sandler increased its price target to $105 and maintained an Overweight rating, while Needham raised its target to $122, citing the strong quarter and improved guidance. Goldman Sachs moved eBay’s rating to Neutral from Sell and lifted its target to $88 after earnings exceeded expectations.
Additional analyst activity included TD Cowen reiterating a Hold rating with an $84 price target and anticipating double-digit revenue growth for the quarter. Citizens held a Market Outperform rating with a $115 target, expecting eBay to surpass GMV expectations driven by demand in categories such as collectibles and luxury resale. Collectively, these adjustments reflect a step-up in analyst confidence following the quarterly report and guidance.
Truist’s increase to a $94 price target — accompanied by a maintained Hold — captures a mix of recognition for recent operational momentum and continued caution on valuation and execution. The market is responding with varied positioning across brokerages, as firms weigh eBay’s ability to convert GMV gains and strategic acquisitions into sustainable top-line and free cash flow outcomes.