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Slowing growth in eBay’s largest markets

July 22, 2005

"Although eBay posted better-than-expected results yesterday, Prudential Equity Group is concerned that slowing growth in the company’s largest most mature markets could limit further upside potential," the research firm said.

However, it liked eBay's higher sales growth in Europe, particularly in Germany, but underlined that "sluggish listings growth" acceleration may not be sustainable in the coming months.


EBay's online payment unit PayPal continued to deliver strong results with second-quarter revenue of $244 million, a 51% rise from the year-ago period.

"We continue to believe the growth opportunities for PayPal are outstanding, as the company expands the service to eBay’s international sites and broadens its off-eBay reach," said Prudential.

The research firm raised the price target on eBay shares to $40 from $38.

"Although we continue to believe that eBay’s long-term growth prospects are quite robust, we remain concerned that slowing growth. . .will reduce investors’ willingness to pay a high multiple for the stock," Prudential concluded.

Source: Forbes



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