Kaufman Bros. Upgrades eBay (EBAY) to Buy; Improved Marketplace

October 8, 2009 6:56 AM EDT

Kaufman Bros. upgrades eBay (Nasdaq: EBAY) from Hold to Buy, raises PT to $29 (from $22)

Kaufman analyst says, "We are upgrading eBay to BUY given: 1) improved marketplace outlook, 2) potential for acceleration in marketplace performance in 2010 and beyond with ongoing user experience and seller improvements and 3) expectations for upside to Street estimates in 2H09 and 2010. Based on the improved marketplace outlook as well as dollar weakness, we are increasing our estimates. For 3Q, we now estimate revenues of $2.199 billion (4% Y/Y) vs. our previous estimate of $2.159 billion. Guidance is for $2.05 billion-$2.15 billion while consensus is $2.134 billion. We estimate 3Q09 PF EPSof $0.39 vs. our previous estimate of $0.37, guidance of $0.34-$0.36, and consensus of $0.37. For 2009, we now estimate revenues and PF EPS of $8.670 billion and $1.61 vs. our previous estimates of $8.545 billion and $1.56. For 2010, we now estimate $9.642 billion and $1.73 vs. our previous estimates of $9.22 billion and $1.61."

To see more analyst ratings on EBAY Click Here.

eBay Inc. and its subsidiaries provide online marketplaces for the sale of goods and services, online payments services, and online communication offerings to individuals and businesses in the United States and internationally.

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• Kaufman Bros.

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