Benchmark Terminates Coverage of GSI Commerce

Benchmark terminated coverage of GSI Commerce (NASDAQ: GSIC) with a Buy rating and a price target of $29.25. Benchmark terminated its coverage of the company's stock as the company is about to be taken over by eBay (NASDAQ: EBAY).

In a research report published today, Benchmark states, "We are terminating coverage of GSI Commerce (GSIC-Buy) with a final rating of Buy and a $29.25 price target. GSI did not receive any alternative offers during its 40 day go-shop period, which ended on May 7, and will likely receive enough votes at a special meeting to be held on June 17 to proceed with the sale of the company to eBay (EBAY-Hold) for $29.25 per share."

On Wednesday, GSI lost 0.21% of its value to close the day at $29.19. eBay is having a difficult few days, it seems, as its shares lost 1.72% on Wednesday to close the day at $30.64. eBay continued to slide in today's pre-market trading, falling 0.38% to $30.52.