EBAY & ETSY: EBAY and ETSY in the Agentic Era: Underappreciated Advantages?

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EBAY & ETSY: EBAY and ETSY in the Agentic Era: Underappreciated Advantages?

Idea

June 11, 2026 04:12 AM GMT

Morgan Stanley & Co. LLCMEBAY & ETSY | North America Nathan Feather

Equity Analyst

EBAY and ETSY in the Agentic Nathan.Feather@morganstanley.comBrian Nowak, CFA +1 212 761-9812

Brian.Nowak@morganstanley.com +1 212 761-3365

Era: Underappreciated

Advantages?

With agentic commerce set to be the next paradigm shift across

Internet

eComm, we dive into how EBAY & ETSY are positioned and size North America

Industry View Attractive

agentic bull & bear cases. Despite the market's skepticism, we

come out more optimistic as we see unique, underappreciated

advantages for both companies.

Key Takeaways

Entering the era of agentic commerce, we assess EBAY & ETSY's positioning and

size scenarios from here

EBAY (OW, $121 PT): An underappreciated agentic winner given a highly

differentiated inventory base; our favorite name in SMID eCommerce

ETSY (EW $64 PT): Although there are clear long-term risks, we see a more

compelling medium-term opportunity that could drive GMS growth and lead to a

re-rating

We take a deep dive into how EBAY & ETSY perform on our "5 I's Framework" for

retailers in agentic commerce...

… and also model out new agentic bull and bear cases for EBAY/ETSY with

potential for up to 30%/40% upside to 2030 EBITDA

We would greatly appreciate your support in the Internet SmidCap and Internet

Large Cap categories in this year's All-America Extel survey. Thank you so much!

To request a ballot, please go to https://www.extelinsights.com/voting.

We Think The Market is Underestimating EBAY and ETSY Entering the Agentic

Era: We believe agentic commerce is set to be a paradigm shift for eCommerce: Morgan Stanley does and seeks to do business with