EBay trades higher after tipping digital payments wallet during investor event
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EBay (NASDAQ:EBAY) gained on Thursday after the company highlighted its growth potential during an investor event.
One of the big reveals so far from the event is that the company will introduce its first digital payments wallet, a significant development made possible by its taking over payment-processing from PayPal.
The e-commerce giant has also highlighted new features with its promoted listings business, including the express business. A new advertising format in the second half of the year is expected to also stoke growth. The company thinks it can double advertising revenue next year to $2B and eventually reach 3% of GMV. The payments business was also profiled as an area with growth potential.
The eBay (EBAY) event could lead to some rating adjustments on Wall Street. Currently, 10 Wall Street firms have a Buy-equivalent rating on EBAY and 19 firms have a Neutral-equivalent ratings. No Sell-equivalent ratings are on the books.
EBay (EBAY) was on Seeking Alpha's Catalyst Watch this week.