Morgan Stanley analysts double-upgraded eBay Inc’s (NASDAQ:EBAY) shares to “Overweight” from “Underweight” in a research note Wednesday, citing the company’s new payment system.
In lieu of continuing to work with long-time payments partner PayPal Holdings Inc, eBay will transition to Adyen B.V., a Dutch payment processing company.
Shares of the e-commerce site jumped more than 4% in pre-market trading and continued with modest gains after the opening bell.
READ: Morgan Stanley tops first-quarter earnings expectations on equity trading
eBay’s price target was raised to US$58 per share from the previous target of US$36, according to a research note by analyst Brian Nowak as reported by TheStreet.
Companies including Uber, Netflix Inc (NASDAQ: NFLX), Spotify Technology SA (NYSE:SPOT) ,Etsy (NASDAQ:ETSY), and EasyJet Airline Co (LON:EZJ) use the payment platform.