Needham & Company Maintains Bullish Stance on eBay (EBAY) Post Q1

April 18, 2013 7:47 AM EDT
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Price: $30.64 -0.26%

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Needham & Company reiterated its Buy rating and $60 price target on eBay (NASDAQ: EBAY) following Q1 results and guidance.

Analyst Kerry Rice comments: "We remain positive on eBay’s ability to drive growth with its mobile, international, local, and data initiatives. Moreover, acceleration in active users suggests 2H revenue acceleration. While a slowdown in many of the key metrics cause us some trepidation, we believe the positive impact from eBay’s most recent growth initiatives have yet to materialize. Moreover, we are encouraged that 1Q13 results were at the high end of management's growth expectations despite starting off slightly slower than expected. We expect growth to accelerate in the coming years."

The firm trimmed FY 2013 EPS estiamtes by 2 cents from $2.77 to $2.75 and FY 2014 EPS estimates from $3.25 to $3.25.

For an analyst ratings summary and ratings history on eBay click here. For more ratings news on eBay click here.

Shares of eBay closed at $56.10 yesterday.

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