In a report published by Piper Jaffray, eBay EBAY reported a slight upside to the March quarter with U.S. GMV growth of 10% a
positive surprise.
Piper Jaffray said that it remains neutral on EBAY but believe shares can drift higher
over the next few years given the company's 15% earnings growth trajectory.
“PayPal was again a bright spot, with payment volume growing 28% y/y. Our
marketplace GMV growth estimates for FY11 and FY12 go to +8% y/y vs. our
prior estimates of 6% and 7% previously, while our payment volume growth
estimates go to 30% and 28%, up from 26% in FY11 and 25% in FY12 previously.
March quarter revenue was $2.55 billion vs. the Street's $2.48B expectation; PF
EPS of $0.47 was $0.01 ahead of the Street's $0.46 expectation. FY11 PF EPS
guidance of $1.93-$1.97 was inline with the Street's $1.94 expectation going into
the report.
”
eBay closed yesterday at $34.03.
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Posted In: Analyst ColorAnalyst RatingseBay Inc.Information TechnologyInternet Software & ServicesPiper Jaffray
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