While The PayPal Separation Will Close In July, We Maintain Our Price Estimate For eBay

We continue to reiterate a price estimate of $59.12 for the company?s stock, which is almost at par with the current market price. This is based on the view that eBay could see continued traffic-related headwinds in the near-term. Moreover, over the longer-run, we expect eBay to somewhat lag the overall e-commerce market, owing to rising competition from both e-retailers as well as brick and mortar retailer giants such as Walmart and Target. On the other hand, the company could continue to gener...