Bank of America Maintains Buy Rating on eBay

According to Bank of America, 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.