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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (56423)	12/16/2002 3:14:36 PM
From: stockman_scott	Respond to of 65232

eBay Stocks Up on Bullish Analyst Note Monday December 16, 2:41 pm ET PALO ALTO, Calif. (Reuters) - Shares of eBay Inc. (NasdaqNM:EBAY - News) moved 2.2 percent higher after an analyst on Monday maintained his "buy" rating on the Internet auction power house, saying its listings growth is exceeding expectations. The stock, which is up 16 percent during the last 13 weeks, gained $1.49 to $68.90 in midday trade on the Nasdaq. "Our research indicates that eBay is significantly outpacing our (fourth-quarter) listings growth expectations," Deutsche Bank Securities Inc. analyst Jeetil Patel said in a client note. Patel said eBay's listings appear to have increased 58 percent year-on-year during the current fourth quarter, "well ahead" of his estimate for 38 percent growth. Sellers' listings on eBay typically fall during the final weeks of the year. U.S. listings were down 10 percent last week, compared with week earlier, to 9.4 million. In Europe, however, listings were up 11 percent from the prior week to 5.7 million. Germany and Italy fueled that growth, Patel said. The analyst noted that eBay sellers around the world are increasingly using the company's fixed-price listing services. Patel estimates that such listings make up 34 percent of U.S. listings, 35 percent of listings in Germany, and 22 percent of U.K. listings. EBay shares are trading at 60 times 2003 earnings estimates, Patel said. Some analysts worry that the stock of the company -- one of the few to bet on the Internet and win -- is overvalued and that eBay will be hard-pressed to continue to grow at historic rates. In that regard, Patel said: "We believe that the long-term growth and operating margin expansion should help to fuel share price appreciation in future years."