Wedbush Comments on PayPal Mobile Wallet Progression at eBay

Wedbush Securities has published a research report on eBay

commenting on PayPal's Mobile Wallet offering. In the report, Wedbush writes, "We believe EBAY is the best investment in the growth of mobile payments. We believe PayPal will capitalize on its superior position in mobile payments, extend its 25-30% growth for several years, turn into eBay's largest business by 2014 and lead to significant multiple expansion. We believe the rich integrated functionality PayPal is building around location/context/inventory-based offers, payment and funding flexibility during and after a transaction, wish list and shopping list functionality and e-receipt presentation, will be hard for any single competitor to replicate." Wedbush reiterates its Outperform rating and $48 price target on eBay, which closed yesterday at $32.75.