Bank of America Maintains Buy Rating on eBay
According to Bank of America, eBay (NASDAQ: EBAY) Buy rating is maintained.
Bank of America said that GMV growth failed to meet expectations, but eBay delivered on overall 4Q revs/EPS estimates. “We maintain our PO of $39 based on 15x 2012E EPS of $2.24 (ex-interest income) plus ~$5/share in cash/investments. Applying a 20-25x '12E multiple on PayPal, at $31 the eBay Marketplace is valued at 8x-10x, which we see as attractive.”
eBay closed yesterday at $30.34.
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