EBay (EBAY  ) shares surged to a record high Thursday, and the e-commerce company's stock received multiple price-target hikes, following a quarterly earnings report that beat expectations. The attention EBay grabbed from this sent shares up 10.89%.

So what could they have said that caused such a huge move? Well, after the close Wednesday, eBay reported second-quarter earnings results that included a 6% year-over-year rise in revenue to $2.2 billion. It also issued full-year guidance above the Wall Street consensus estimates, though analysts did argue that its Q3 guidance was light.

Also, for the year, eBay said they expect revenue of $8.85 billion to $8.95 billion, above the consensus of $8.8 billion. It expects Earnings per share of $1.85 to $1.90.

On top of that, EBay also approved an additional $2.5 billion in stock repurchase authorization. Last quarter the company repurchased $500 million of its common stock, or 20.8 million shares. It ended the quarter with cash and equivalents of $10.4 billion.

This was all so impressive that analysts jumped over themselves to adjust their ratings on the stock. RBC Capital Markets analyst Mark Mahaney raised his price target on eBay to 31 from 28, but he maintained a sector perform rating. In a funny research note mark wrote - "But our investment opinion is unchanged. The key investor decision remains whether eBay is a Cash Cow, a Cash Cube (as in the melting kind), or potentially recovering Cash Cougar."

There were other analysts that were so impressed they also adjusted targets on Ebay, and found themselves touting the stock on TV. Jefferies analyst Brian Pitz maintained a hold rating but raised his price target to 32 from 27, calling it a solid quarter. He said - "Strategic initiatives such as structured data are on track, and early signs are encouraging, but work remains to transition more categories and improve the customer experience."

The analysts continued to pile on the upgrade band wagon. Cowen analyst John Blackledge raised his price target to 30 from 24, with a market perform rating. Needham analyst Kerry Rice maintained a hold rating, but without a price target.

With all this excitement it would be easy to chase the stock, as so many did today, but taking a look at its recent performance, one would certainly feel the need to wait for a pullback.