eBay has seen its stock rise 62% year-to-date, through Thursday's close at $49.12. The shares returned 9% during 2011.
The shares trade for 18 times the consensus operating 2013 EPS estimate of $2.72.
Sakhrani's price target for eBay is $58, implying 18% upside for the shares.
The consensus among analysts is for eBay to report third-quarter operating earnings 54 cents, declining slightly from 56 cents in the second quarter, but increasing from 48 cents in the third quarter of 2011.
Sakhrani matches the consensus third-quarter operating EPS estimate, and estimates full-year EPS of $2.33 for 2012 and $2.72 for 2013.
The analyst said that "the main driver of the strong share performance following EBAY's 2Q12 earnings release was the strong operating trends in the Marketplaces segment. Overall, some of the monthly e-commerce growth indicators have suggested a continuation of the trends seen during 2Q12 into 3Q12 with ChannelAdvisor reporting SSS (same-store sales) growth of 28.2% year/year in July and 23.9% yr/yr in August.
He added that "international trends will likely continue to remain a swing factor in the performance of the segment given that the majority of the revenues come from geographies outside of the US, though we would note that e-commerce trends have generally been fairly resilient despite uncertainties in the global economy over the past couple of quarters."
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