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eBay: shares up after analyst upgrade

( - eBay shares rose slightly on Wednesday after Jefferies upgraded the stock of the online auctioneer, citing the benefit from the shift to online spending.

"Our prior rating was based on eBay's track record of growing meaningfully below e-commerce, indicating dwindling relevance to consumers," Jefferies analysts wrote.

"We believe this thesis is no longer relevant in the current environment as the shift to online drives consumers back to the platform," they added.

Jefferies upgraded eBay from "underperform" to "hold" and raised its corresponding target price from 30 dollars to 52 dollars.

The shares are up 0.7% in early trading on the Nasdaq.

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