eBay Scores Merrill Lynch Upgrade (EBAY)
April 3, 2008 by Douglas A. McIntyreeBay, Inc. (NASDAQ: EBAY) shares are trading higher in pre-market activity this morning after Merrill Lynch issued an upgrade today. The brokerage firm raised its rating from Neutral to Buy.
Merrill Lynch believes that eBay can post upside to estimates on what may be a conservative 2008 outlook. The brokerage firm also believes that new management and a change mentality toward auctioneers will help as well. The part that is somewhat surprising about this call is that Merrill Lynch sees the potential for some accelerated gross merchandise value, which if things slow further or remain slow won’t be an easy task.
Who knows, maybe as people don’t want to go to pawn shops they will sell all their luxury goods and collectibles on eBay this year. eBay shares are trading up about 2.5% at $32.55 in pre-market trading this morning, while its 52-week trading range is $25.10 to $40.73.
Jon C. Ogg
April 3, 2008
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