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eBay Inc. Message Board

  • klmxyz klmxyz Oct 20, 1998 9:16 AM Flag

    EBAY Analyst Target $50

    EBAY was given a glowing report by Robertson

    eBay jumps 21 pct on analyst's

    NEW YORK, Oct 19 (Reuters) - Shares of eBay Inc., the
    online auctioneer whose stock
    soared 163 percent on
    its first day of trading in September, rose sharply
    on Monday on an analyst's positive

    Lauren Cooks Levitan, of BancBoston Robertson Stevens,
    initiated coverage of eBay Monday with a buy rating, and a
    target of $50 a share.

    The stock in morning
    trading climbed 21 percent to 43-3/4, up

    The analyst said that the online auctioning market is
    poised to grow beyond expectations and that eBay has
    established itself as
    ``the online brand with
    authoritative selection and buyers and sellers.''

    We would not be surprised if the real market
    opportunity (for online trade) in the U.S. were closer to
    $100 billion, rather than
    the estimated $43 billion
    spent in the U.S. on collectibles last year,'' she said
    in a research note.

    She estimates eBay can
    grow from $5.7 million in fiscal 1997 revenues to
    $37.4 million in fiscal 1998, $72.0 million in fiscal
    $118.5 million in fiscal 2000 and $165.0 million in
    fiscal 2001.

    Her admittedly conservative
    expectation calls on eBay to end fiscal 1998 at break-even
    earnings and grow to earnings per share of
    $0.05 in
    fiscal 1999, $0.35 in 2000 and $0.60 in

    ``We believe our estimates leave room for considerable
    upside,'' she added.

    ``Using these more aggressive
    assumptions, we estimate eBay's auction revenues in 2001 could
    actually reach more than $350
    million versus our
    estimate of almost $145 million, leading to EPS closer to
    $1.50 than $0.60,'' she said.

    On Sept. 24,
    shares of eBay, which facilitates the sale of everything
    from antiques to today's toys, gained $29.375 to
    $47.375 as
    excited investors scooped up the new issue.

31.31-0.03(-0.10%)Aug 26 4:00 PMEDT