UPDATE: Benchmark Raises PT on eBay to $58

The Benchmark Company has published a research report on eBay (NASDAQ: EBAY) and has raised its price target from $50 to $58 based on the company's Ecommerce improvements.

In the report, Benchmark wrote, "We believe eBay stands well positioned to capitalize on near-term opportunities across its ecommerce platform and longerterm opportunities within the Payments segment. We expect the Marketplaces improvements witnessed over the past few quarters will continue through the balance of the year, as evidenced by ongoing y/y increases in site traffic, and aided by the recent launches of several new mobile devices. We also maintain our view that there could still be meaningful upside to the 2013 outlook depending on the pace of the point-of-sale (PoS) rollout, expanded merchant adoption of PayPal and increased consumer adoption of Bill Me Later."

Benchmark maintained its Buy rating on eBay, which closed Wednesday at $50.39.