Credit Suisse upgraded eBay (EBAY) to Outperform from Neutral, saying that the company has multiple potential growth catalysts and multiple ways to create value for shareholders.

GROWTH ENGINES: Analyst Paul Bieber, who assumed coverage of the stock, says that the growth of the company's Marketplace business could accelerate in the second half of 2017 and in 2018, "driven by platform changes and product innovation." Meanwhile, the growth of the company's Stubhub unit is "attractive" and the strength of its Classifieds business is "underappreciated by the Street," the analyst stated.

VALUE CREATION POSSIBILITIES: eBay can monetize its Classifieds business and/or its Stubhub unit, Bieber believes. Taking these steps could generate $9.5B-$12.8B for the company, representing 25%-35% of its current enterprise value, the analyst estimated. Moreover, eBay's more adept use of data, new products, and marketing investments could cause its gross merchandise volume to accelerate, while increased demand for its ads could boost its revenue growth, according to Bieber. The company could launch more aggressive share repurchases, he also believes.

PRICE TARGET: Bieber raised his price target on the shares to $44 from $34.

PRICE ACTION: In morning trading, eBay added 0.9% to $35.62. Year-to-date the stock is up about 20%.