eBay Upgrade - Buy the Recommerce Narrative and Capital Return Tailwind
eBay's acquisition of Depop, stronger-than-expected Q4 results and a $2B buyback authorization make the stock attractive around $85. The business is producing solid free cash flow ($1.53B), GMV is expanding ($21.2B), and management is targeting younger buyers via Depop - a catalyst that should re-rate the multiple. My swing trade: buy $85, stop $78…