Stifel analyst Scott Devitt upgraded eBay (EBAY) to Buy from Hold with a price target of $45, up from $40.

Stay-at-home directives and retail store closures have shifted a substantial portion of consumer spending online, and third party data indicates e-commerce sales have accelerated dramatically beginning in March with strong momentum continuing through April, Devitt tells investors in a research note.

The analyst sees eBay as a "direct beneficiary" of the current landscape and sees upside to near-term sales results. Further, longer term the economic fallout of the COVID-19 pandemic is likely to accelerate traditional retail dislocation, benefiting e-commerce and multi-channel platforms including eBay, adds Devitt.