eBay's (EBAY) Listings Growth is Accelerating in Q2 -AmTech
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American Research Technology maintains a Neutral rating and a $35 price target.
The firm has seen eBay's core listings move 28% higher on a year-over-year basis and 9% higher compared to Q108. AmTech notes listings are tracking up in Asia/Pacific by 29% YoY, in Europe by 35% YoY and in North America by 19%. As AmTech believes the dollar has bottomed and will move higher over the rest of 2008, the firm views eBay's growth in international markets less optimistically as the company will be making less money abroad if the dollar does rally. Keeping this in mind, AmTech said it is "incrementally cautious" on eBay's "ability to generate substantial upside to Street estimates."
On the other hand, AmTech points out that eBay's listings could be less material "given the substantial changes that eBay has been making to its fee structure." As AmTech put its, "listings growth could be less highly correlated with transaction revenue growth for at least a few quarters."
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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