Piper Jaffray Reiterates 'Buy' on eBay; Ups PT from $34 to $40 (EBAY)
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Piper Jaffray reiterates its Buy rating on eBay (Nasdaq: EBAY) and raises its price target from $34 to $40.
The firm said it expects eBay to report stronger-than-expected Q1 results on Wednesday due "to better performance in core eBay as well as strength in PayPal and Skype. Here is StreetInsider's summary of Piper's first note on the unexpected strength at Skype.
Piper raised its Q1 and FY08, FY09 EPS estimates on eBay from $0.40, $1.37 and $1.56 to $0.42, $1.46 and $1.72, respectively. The firm believes shares of eBay could move higher due to upside to its Q1 report, increased guidance, and improving metrics. Piper notes, "While 2008 is still a transition year for eBay as it undertakes a number of initiatives to reaccelerate core eBay growth, we believe eBay is beginning to turn the corner and we believe shares offer an attractive entry point..." trading near current levels.
Piper's $40 price target on eBay represents a potential gain of 30% from Friday's closing price of $30.87.
eBay, Inc. and its subsidiaries provide online marketplaces for the sale of goods and services, online payments services, and online communications offerings to individuals and businesses in the United States and internationally. [BCS]
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