posted on April 6, 2001 04:13:07 AM newDown one day and up the next.
NEW YORK, April 5 (Reuters) - eBay Inc. shares rose 15 percent on
Thursday after Deutsche Bank Alex. Brown analyst Jeetil Patel said he
expects the online auction service to beat his first-quarter revenue estimate.
In a research report, Patel said he expects the company to post first-quarter
revenues at least 3 percent higher than his current forecast of $150 million
when it reports earnings on April 19.
The stock was up 4-9/16 at $34-15/16 in afternoon Nasdaq trade following
publication of the report. The 52-week range for the shares is $26-3/4 to
$93-7/8.
"We reiterate our buy investment rating on shares of eBay, and recommend
investors add to positions at current levels," said Patel, who has a 12-month
price target of $60 on the stock.
Both bargain-hunting consumers and the company's BuyItNow fixed price
service, which allows buyers to immediately purchase goods without waiting
for an auction to end, were the main drivers behind the potentially better than
expected revenues, the report said.
Patel also said he expects the BuyItNow service to drive revenue up
throughout 2001.
