eBay "sell," target price reduced - update

24.01.08 - Cantor Fitzgerald

NEW YORK, January 24 (newratings.com) - Analyst Derek Brown of Cantor Fitzgerald reiterates his "sell" rating on eBay Inc (EBAY), while raising his estimates for the company. The target price has been reduced from $30 to $25.

In a research note published this morning, the analyst mentions that the company has posted its 4Q07 results in-line with the estimates. eBay?s major operating metrics underpin the view that the company is losing market share at a fast pace and continues to face substantial challenges in its attempts to reaccelerate growth, the analyst says. The EPS estimate for 2008 has been reduced from $1.57 to $1.65, mainly on account of forex effects and non-core adjustments.