Citi analyst Mark May raised his price target for eBay to $48 from $40 saying that while last night's Q2 was "mixed," the quarter came in better than feared. Shares traded higher post results on expectations for an even worse gross merchandise volume and revenue result and guidance based on third-party data, May tells investors in a research note. He believes future catalysts, such as the results of the operational review, the potential value created from the strategic review, and the value of the managed payments initiative are still not fully priced in at current share levels. As such, May keeps a Buy rating on eBay.