NEW YORK (TheStreet) -- Shares of eBay (EBAY) - Get Report  were increasing in mid-afternoon trading on Tuesday as Hilliard Lyons started coverage of the stock with a "long-term buy" rating. 

The firm has a $35 price target on shares of the e-commerce site, according to TheFly

Hilliard Lyons analysts said they expect near-term growth of global e-commerce to be around 20% per year. However, the company still has slower, undeveloped markets in the U.S. to penetrate, the firm noted, according to Benzinga

eBay's been narrowing its focus, demonstrated by its split from PayPal (PYPL) and the sale of GSI Commerce. Hilliard Lyons said these moves allow the company to improve growth as management turns its attention to core initiatives such as product development, search engine optimization and other areas. 

"We expect these initiatives will narrow the gap competitors have sustained by enhancing product content," the firm added in its analyst note. 

Hilliard Lyons noted that the company also has strong cash flows, market position and an impressive balance sheet. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

The team rates eBay as a Hold with a ratings score of C. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share and increase in net income. However, as a counter to these strengths, the team also finds weaknesses including weak operating cash flow and generally higher debt management risk.

You can view the full analysis from the report here:

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