SKN | Wells Fargo and Barclays Raise eBay Targets as Live Commerce and Marketplace Growth Strengthen

Key Points:

• Wells Fargo upgraded eBay to Equal Weight from Underweight and raised its price target from $91 to $106, citing fewer downside risks in the company’s 2027 outlook.
• Barclays raised its price target to $136 from $123, maintaining an Overweight rating and highlighting market-share opportunities, particularly through live commerce.
• eBay reported $3.2 billion in third-quarter revenue, adjusted earnings of $1.51 per share, and gross merchandise volume growth of 15% to $23.2 billion.

eBay Inc. is receiving more constructive analyst assessments following its third-quarter 2026 results, with Wells Fargo upgrading its rating and Barclays increasing its price target. Both firms pointed to improving elements in the company’s outlook, although their assessments differ in emphasis. Wells Fargo sees fewer downside earnings risks heading into 2027, while Barclays highlighted eBay’s market-share opportunities, valuation, and shareholder returns. The developments place the marketplace’s ability to sustain operating momentum at the center of its investment outlook.

Wells Fargo Sees Reduced Earnings Risks for eBay

Wells Fargo analyst Ken Gawrelski upgraded eBay from Underweight to Equal Weight and increased the price target from $91 to $106. According to the report, the firm believes eBay’s 2027 outlook contains fewer cautionary signals and that the company has several options for offsetting competitive pressures.

Wells Fargo also identified workforce reductions as a potential source of funding for investments in Depop and live commerce. The strategic balance is important: cost reductions can release resources for growth initiatives, but their longer-term value depends on whether those investments generate sufficient customer engagement and commercial returns.

Barclays Highlights Live Commerce and Shareholder Returns

Barclays analyst Ross Sandler raised the firm’s price target to $136 from $123, maintaining an Overweight rating. The firm described eBay shares as being in a “sweet spot,” citing market-share gains from new initiatives, particularly live commerce, along with valuation and continued capital returns.

eBay Live delivered another record quarter, with gross merchandise volume growth remaining in the triple digits. This performance points to a developing growth channel within the marketplace. Its longer-term contribution will depend on whether eBay can maintain user participation and convert activity into sustainable transaction growth.

Third-Quarter Results Show Strength Across Key Businesses

eBay reported adjusted earnings of $1.51 per share, exceeding the $1.41 analyst estimate, while revenue reached $3.2 billion against expectations of $3.1 billion. Gross merchandise volume increased 15% year over year to $23.2 billion, reflecting the total value of transactions across its marketplace.

Advertising revenue also advanced 16% to $607 million. During the quarter, eBay returned $827 million to shareholders through share repurchases and cash dividends. Together, these figures highlight three distinct components of the business: marketplace activity, advertising monetization, and capital returns.

What Investors Should Monitor Next

The central test for eBay is whether its recent performance can translate into durable growth through 2027. Investors should monitor live commerce adoption, advertising revenue, marketplace transaction volumes, and the results of investments in Depop. Workforce reductions and shareholder distributions may support financial discipline, but sustainable performance will ultimately depend on customer demand and the company’s ability to compete effectively.

The analyst revisions reflect improved confidence in selected aspects of eBay’s outlook, not certainty about future share performance. Execution across its core marketplace and newer growth initiatives will remain essential to validating that confidence.

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