Markets & Finance

WR Hambrecht Bids Up eBay Outlook

WR Hambrecht raised estimates and reiterates strong buy on eBAY (EBAY).

Analyst Derek Brown says eBay is a giant in the making, with no real competition on the horizon. He notes total revenue of $154.1 million topped his $150.1 million estimate. EPS also far exceeded his, and the Street's, $0.08 forecast. Brown says the adoption and usage of the company's trading platform surpassed his estimates and reached all-time highs: gross merchandise sales topped $1.98 billion, auction listings reached $89 million and total registrants soared to 29.7 million. Brown raised his $0.38 2001 EPS on $664.4 million in revenues to $0.43 on $686.1 million in revenues. He also lifted the $0.65 2002 EPS on $926.6 million revenues to $0.70 on $940 million in revenues. He has a $60 target.

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