alingtonsky
Forumer storico
January 22, 2009
DEUTSCHE BANK CUTS TARGET FOR EBAY
Deutsche Bank analyst Jeetil Patel notes while eBay (EBAY) beat on EPS, every other metric came in weaker than expected: gross merchandise volume fell 16% year-over-year, revenue fell 7%, and operating profits declined 12% year-over-year.
Patel says the unwind of model started as top-line declines likely affect profits due to fixed costs. With no improvement in its business to date, he thinks EBAY should move to fixing issues that have been building for years, including: increasing demand, lower seller commissions, re-investing in buyer interface.
He cuts $1.46 2009 pro forma EPS estimate to $1.40, $13 target to $11. He reiterates sell.
....
http://www.businessweek.com/investo...ing_investing+index+page_stocks++amp;+markets
DEUTSCHE BANK CUTS TARGET FOR EBAY
Deutsche Bank analyst Jeetil Patel notes while eBay (EBAY) beat on EPS, every other metric came in weaker than expected: gross merchandise volume fell 16% year-over-year, revenue fell 7%, and operating profits declined 12% year-over-year.
Patel says the unwind of model started as top-line declines likely affect profits due to fixed costs. With no improvement in its business to date, he thinks EBAY should move to fixing issues that have been building for years, including: increasing demand, lower seller commissions, re-investing in buyer interface.
He cuts $1.46 2009 pro forma EPS estimate to $1.40, $13 target to $11. He reiterates sell.
....
http://www.businessweek.com/investo...ing_investing+index+page_stocks++amp;+markets