Piper Sandler analyst Richard Repetto says he sees no clear rationale for a merger between IntercontinentalExchange (ICE) and eBay (EBAY). However, the analyst notes that ICE Founder and CEO Jeff Sprecher has been a "visionary" in the industry. Nonetheless, there could be opportunities for the two companies to work together, Repetto tells investors in a research note. He keeps an Overweight rating on IntercontinentalExchange with a $105 price target.

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