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Technology Stocks : eBay - Superb Internet Business Model

EBAY 83.82

+3.7%

Nov 7 9:30 AM EST

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To: Doug Fowler who started this subject	10/17/2003 11:03:30 AM
From: Frederick Langford	of 7772

09:19 ET eBay cut to Underweight at Pacific Growth (EBAY) 57.50: --Update-- Pacific Growth downgrades from Equal Weight and reduces estimates for 2004 and 2005. eBay currently trades at 2003 and 2004 P/E ratios of 78x and 58x, respectively, and EV/Sales ratios of 17x and 12x, respectively - full multiples, in firm's opinion, given co's projected 3-yr growth rate of approx 25-35%. When viewed in conjunction with signs of "growing pains" in eBay's biz that could mute growth/upside potential over the near- to medium-term, as well as feedback firm has received from the channel and changes firm is seeing in the competitive landscape, Pacific Growth believes a more cautious approach to the stock is warranted at this time. Firm reduces its 2004 est to $0.99 from $1.09 and 2005 to $1.34 from $1.44. Fred

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