Citizens Research upgraded eBay shares to Market Outperform from Market Perform with a $115 price target on company’s enhanced marketplace features and strong positioning in collectibles.
The brokerage expects mid-single-digit gross merchandise volume (GMV) growth in 2026.
eBay’s focus on “Focus categories” such as collectible cards, motor parts, and apparel is driving a better buyer and seller experience, Citizens said.
Tools like Magical Listings simplify listing creation, improve accuracy, and increase discoverability, while AI integrations via OpenAI’s Operator enhance product discovery and search.
Trading cards are a standout category. Third-party data showed grading activity rose to 4.9 million items in 3Q25, a 5.2% sequential increase and 27% year-over-year.
Retailers including Walmart and Target also reported strong trading card sales. Citizens highlighted that eBay dominates Google search results for collectible cards and offers flexible filters for condition, location, shipping, and grading, giving buyers and sellers a superior experience compared with competitors like TCGplayer and PriceCharting.
The brokerage said eBay’s SEO visibility and expansive listings have made it the default discovery platform for trading cards online. Partnerships with TCGplayer and PSA further reinforce eBay’s ecosystem, allowing items to be vaulted, authenticated, and listed seamlessly.
Citizens values eBay at ~$115, implying 20% upside. The firm said sustainable GMV growth, AI-driven marketplace enhancements, and strong category flywheels underpin the rating, even as profitability assumptions remain conservative.
eBay’s platform improvements and leadership in collectibles position it as the primary destination for enthusiasts, with broader marketplace applications expected to extend the benefits beyond niche categories.
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