Markets & Finance

Deutsche Bank Keeps 'Buy' on eBay


Deutsche Bank reiterates buy on EBay (EBAY

).

Analyst Jeetil Patel says his analysis indicates eBay's product listings appear to be tracking at 63% year-over-year growth in the first week of the second quarter. At the current rate of 16.4 million listings, he thinks eBay could could achieve 55% second quarter listings growth vs. his 48% estimate.

Patel reiterates his buy rating on near-term listings momentum, conservative estimates, and a continued vibrant long-term outlook. He says while shares are trading at about 68 times his $1.30 2003 earnings per share estimate, slightly below his $95 12-month price target, he thinks long-term growth and operating margin expansion could prove his estimates conservative in coming quarters.


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